Ethereum Breaks New All-Time High As Gas Fees Plummet
Ethereum has taken the recent rally in the crypto market one step further. The digital asset had been chasing multiple new all-time highs in the past week, breaking above $4,600 for the first time ever on Wednesday. This milestone was important for the asset as it showed Ethereum still had more steam left in it after suffering multiple dips at the end of October.
With the bull trend continuing in November, the upward trend has not ended for the second-largest cryptocurrency in the space. ETH has once again broken a new all-time high that has brought it one step closer to the end of year predictions of $5,000.
Related Reading | Ethereum Clears New All-Time High As Market Remains In Greed Territory
ETH Breaks Above $4,700
The early hours of Monday saw Ethereum break above a long-awaited threshold. The break over $4,700 marked the continuation of the bull run. Although bitcoin had begun to rally before ETH, it had still not broken its all-time high of $67K, putting ETH in the lead with this rally. ETH had touched as high as $4,770. But had subsequently lost its footing at this point, suffering a small dip.
ETH price breaks above $4,700 for the first time | Source: ETHUSD on TradingView.com
Nevertheless, the digital asset continues to show bullish patterns. ETH is still trading above its 100-day moving average and has consistently maintained high levels for the 5-day counterpart. A buildup towards $5,000 continues as the digital asset consolidates below $4,750 for the time being. Although a slip in momentum could quickly see the asset drop back to $4,500.
Ethereum Fees Drop
One of the pain points of the Ethereum blockchain has been the high cost of transactions in recent times. The rise of decentralized finance (DeFi) and NFTs on the network had driven the fees for average transactions so high that they hit $56 at one point. This was due to increased activity on the blockchain as investors flocked to take advantage of the new uses cases.
However, Ethereum fees have been dropping in recent times. For the last week, the average transaction fee on the network has dropped considerably. A 33% reduction in transaction fees in the past week saw an average transaction costing $37. This number has continuously fluctuated but users have been paying less in transaction fees compared to what they were paying in the last month.
Hashrate has also recorded a significant uptick this week. It grew to as high as 852.58 TH/s in the early hours of Monday but has since dropped back down 742.69TH/s, according to 2Miners.
Featured image from Shuttershock, chart from TradingView.com