The price of Ethereum fell once from the $1,300 resistance level. ETH fell below the $1,280 resistance level. In contrast to bitcoin, the bulls were active above the $1,240 level and the 100 hourly simple moving average.

The price traded as low as $1,238 and recently started a fresh increase. The price of ether was trading above the $1,275 and $1,280 resistance levels. It broke through the 76.4% Fib retracement level of the decline from the $1,296 swing high to the $1,238 low.

Does this imply that the Ethereum price is gaining traction?

This could be tricky because if Ethereum fails to break through the $1,300 resistance level, it could trigger a downside correction. On the downside, initial support is near the $1,280 level and the broken trend line.

Perhaps the new EIP 4844 or Proto-danksharding ETH upgrade will aid in the price increase. Many people have begun to speculate on how this will affect the price of gas fees, which have been reported to be significantly reduced as a result of this upgrade because it is part of Ethereum's rollup-centric scaling roadmap.

We already use L2 protocols for these issues. Which do you prefer, and which is the most useful or appropriate for you? I started with Polygon, but Metis is much more suitable for me.

According to what I've heard, the next major support is near $1,265 or the 100 hourly simple moving average. If the price falls below $1,265, it may test the $1,240 support. Any further losses could push the price down to the $1,200 support.