Ethereum co-founder Vitalik Buterin has proposed a new gas fee structure in the latest EIP-7706, aiming to reduce fees for specific transactions and enhance user experience. Meanwhile, Bloomberg analyst James Seyffart suggests that the SEC is increasingly likely to reject spot ETH ETFs.
Ethereum is currently showing signs of a bearish trend, with Vitalik Buterin introducing a new gas fee structure and the SEC’s potential denial of spot ETH ETFs looming.
In his proposal, Buterin suggests introducing a new type of gas fee called calldata gas, which could lower fees for data-heavy transactions that do not require significant computational resources. This proposal follows Buterin’s previous writings on gas pricing and account abstraction in the Ethereum network.
On the technical side, Ethereum is trading around $2,900 and facing bearish sentiment due to expectations of a spot ETH ETF denial by the SEC. Despite this, ETH has strong support at $2,852 and may attempt to break resistance at $3,161 in the near future.
Investors are advised to exercise caution as the SEC’s decision on ETH ETFs approaches, but the current price level may present a buying opportunity for long-term holders anticipating a price rally in the future.