ENS abandons plans for Namechain L2, citing Ethereum scaling

💡 DMK Insight

Ethereum’s gas fees plummeting 99% is a game changer for traders right now. Lower transaction costs can significantly boost on-chain activity, making ETH more attractive for both retail and institutional investors. With ETH currently at $2,028.46, this upgrade could catalyze a surge in demand, especially as the market anticipates enhanced scalability from the ENSv2 upgrade. Traders should keep an eye on the $2,100 resistance level; a break above could signal a bullish trend. But here’s the flip side: if the market doesn’t respond positively, we might see a quick retracement back towards the $1,900 support. Watch for trading volume and sentiment shifts as these upgrades roll out, as they could provide clues on how the market is digesting this news. Overall, the immediate impact looks bullish, but volatility could spike as traders react to the changes.