Ethereum's recent price movement has been buoyed by the introduction of MetaMask's "Gas Station" feature, which addresses the issue of insufficient gas fees by allowing users to include transaction fees directly in the swap quote. This development is expected to enhance user confidence and streamline transactions within Ethereum's ecosystem. Additionally, the increase in Ethereum's gas limit, enabling more transactions per block, is anticipated to improve network efficiency and reduce congestion. However, Ethereum continues to face challenges, particularly in its performance relative to Bitcoin, as the ETH/BTC ratio has reached a four-year low. This shift in institutional preference towards Bitcoin ETFs, along with Ethereum's supply growth, has contributed to its underperformance compared to Bitcoin.
The Volatility Shares Trust 2x Ether ETF (ETHU) rose 1.73% to $4.71 as of 5:20 AM on Wednesday, February 5.