Ethereum gas fees hit lowest point since June, despite PoS hardfork delay
|- Analysts note a massive drop in Ethereum gas fees, which hit their lowest point since June 2021.
- The Ethereum network has delayed its transition to the Proof-of-stake to June 2022.
- Analysts are more bullish on Ethereum than Bitcoin as the altcoin has outperformed BTC by more than 230%.
- Top cryptocurrency analyst is bullish on Ethereum, confirming that ETH/BTC chart is one of the best-looking macro charts in crypto.
Ethereum gas fees have hit their lowest level in the past six months. The network fee was 35 gwei before climbing back to 67 gwei. Ethereum network has pushed its upgrade to June 2022.
Analysts are more bullish on Ethereum than Bitcoin as network fees plunged
Ethereum has frequently been criticized for high transaction fees. Earlier today, the fees took a nosedive, hitting 35 gwei before bouncing back to the 67 gwei level. Analysts have noted the drop in the transaction fees, fueling a bullish narrative for Ethereum price.
35 gwei hit the lowest point since June 2021. The network recently announced a delay in the transition from Proof-of-work (PoW) to Proof-of-stake (PoS).
Traders believe that Ethereum has seriously outperformed Bitcoin for months now. The pseudonymous analyst @CryptoCred believes that the Ethereum chart against Bitcoin is one of the best-looking macro charts in crypto at the moment.
@CryptoCred is bullish on Ethereum’s price and believes that the altcoin is likely to continue posting gains against Bitcoin. The analyst says,
Our overall framework is still defensive given the high time frame weakness that has emerged in Bitcoin/Dollar.
ETH/BTC has rallied over 230% in 2021, hitting a new high on December 9. Derivatives data indicates that traders are more confident about Ethereum than Bitcoin in the current bull market.
FXStreet analysts have evaluated the Ethereum price trend and predicted that the altcoin is prepared to hit a new all-time high.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.