Like most of the cryptocurrency market, Ethereum has performed well over the past few days. This strength culminated in a rally to the crucial level of $250 on Wednesday, as depicted in the chart seen below.
Chart of ETH’s price action over the past seven weeks from TradingView.com
The ongoing surge has been quick to flip cautious investors into bulls.
One trader postulated that ETH is now on track to hit $300, citing the bullish break of its market structure and its outperformance of BTC.
Yet some fear that the asset may underperform due to fundamental reasons, namely that Ethereum transaction fees are at extremely high levels.
Ethereum Transaction Fees Spike, Hurting Bull Case: Analysts
According to the screenshot below of ETH Gas Station, a data site showing Ethereum transaction fee data, the “gas price” recently hit 73 Gwei.
This means that transaction fees were temporarily at their highest levels in months, making it unsustainable for most users.
ETH Gas Station (site that shows the average transaction fee/gas price) screenshot from Ethereum proponent and writer/content creator “DeFi Dad” (@defi_dad on Twitter)
Even after the initial spike, the gas price remains at 35 Gwei as of this article’s writing — over four to five times higher than the gas price during lulls.
This is to be expected: if there is more demand for Ethereum transactions, the cost to send transactions will rise. But some analysts and proponents of the network believe that high transaction fees could be Ethereum’s downfall.
Qiao Wang, a former head of product at Messari, recently said on the matter:
“So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.”
This sentiment was echoed to a T by Scott Lewis, the co-founder of Concourse Open Community. As reported by Bitcoinist previously, he said that high Ethereum fees cement the sentiment that ETH hasn’t beat its competitors yet.
ETH Competitors Gain Strength
Although we’ve yet to see Ethereum’s dominance fully threatened, the asset’s competitors are gaining strength.
Cardano — a smart-contract blockchain launched by Charles Hoskinson — has performed extremely well this year.
Year to date, Cardano’s ADA coin is up by 200%, trading at $0.13 as of this article’s writing. For context, ETH is up a relatively weak 90% since the start of 2020.
The asset’s outperformance is predicated on the launch of the so-called “Shelley” upgrade. The Cardano Foundation describes the upgrade as follows:
“The Shelley era represents the natural maturation of the network, making it more useful, rewarding, and valuable for users new and old. It’s also about preparing for the future. Shelley will set the stage for a fully distributed network, and an entirely new application ecosystem with even greater things.”
How the upgrade will be received by developers and users remains to be seen. But, speaking to Messari CEO Ryan Selkis, Hoskinson said that he thinks Ethereum’s market share may begin to shrink.
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Despite Rally to $250, Ethereum Was Just Dealt This Fundamental Blow origin »
Ethereum (ETH) is showing signs of a potential bullish breakout as analysts highlight key support levels and technical indicators pointing to a rally toward $5,000.
Key Takeaways
Ethereum is facing its $4,400-resistance with bullish on-chain signals, overheated leverage, and liquidity clusters ready to spark big moves.
Ethereum [ETH] extended its rally frThe post Decoding Ethereum’s $4,400 test - Are THESE divergences a rally signal or a sell trap? appeared first on AMBCrypto.
Key Takeaways
The high spot inflows and corporate buying fueled the bullish conviction behind Ethereum's rally, but an overheated futures market could see a pullback from just above the $4,000-level.
The U.S. government joins institutional investors in selling ETH in large quantities, adding downward pressure to the price.
Retailers also join the wave, but this ETH faces the possibility of The post Ethereum retail sentiment hits rock bottom – Is a breakout rally brewing? appeared first on AMBCrypto.
Ethereum staking saw consistent growth this year, with over 54 million ETH at stake
Technical indicators revealed the possibility of a price hike soon
Ethereum [ETH] staking has been consistThe post 54M Ethereum staked in 2024 - Is this the first sign of a 2025 rally? appeared first on AMBCrypto.
A symmetrical triangle and ascending trendline hint at an upcoming bullish rebound for Ethereum.
Ethereum’s leverage ratio and open interest show key trends that could influence price movemenThe post Ethereum’s past tells all: Is ETH poised for massive rally? appeared first on AMBCrypto.
Historical design shown by the MVRV ratio, led ETH to bounce.
While traders booked some profits, the OI indicated that more was close.
On the 8th of April, Ethereum [ETH] defied the school oThe post Ethereum's $4,648 dream - Here's the clue to its next rally appeared first on AMBCrypto.
ETC’s price has dropped by double digits in the last week.
Despite the price dip, bullish momentum remains.
Following a post-ETF-approval rally, Ethereum Classic [ETC] has begun to shed The post Ethereum Classic pulls back after rally fueled by ETF approval appeared first on AMBCrypto.
Ethereum price surged above $2,050. ETH is now consolidating gains and might soon aim for another rally toward the $2,150 level. Ethereum is consolidating and facing resistance near the $2,080 zone.
In a recent development, Ethereum’s latest resurgence (up over 12% in the last seven days) could be threatened by the actions of an Ethereum whale who could potentially end the token’s rally and further cause it to decline.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been generating significant excitement among investors and enthusiasts due to its potential for a substantial rally. With various factors such as network upgrades, increased institutional interest, and growing adoption of decentralized applications (dApps), Ethereum has been garnering attention as a promising investment opportunity. In the midst […]
Ethereum, the world’s second-largest cryptocurrency, has seen its recent rally come to a screeching halt as Ethereum (ETH) has erased all of its gains in the wake of the highly anticipated Shanghai upgrade.
Ethereum and the crypto market have been trending to the upside over the past week and seem poised to extend the rally. The cryptocurrency underwent a major upgrade, dubbed “Shanghai,” which enabled the un-staking of ETH locked on the “Beacon Chain,” the Proof-of-Stake (PoS) blockchain.
Ethereum gained pace above the $1,500 resistance zone against the US Dollar. ETH is consolidating gains and might aim a fresh rally towards the $1,650 level. Ethereum started a decent increase above the $1,500 and $1,520 resistance levels.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
Ethereum had been consolidating beneath the $2600 level in theThe post Can Ethereum breach the crucial $2800 resistance and sustain a rally appeared first on AMBCrypto.
Real Vision CEO and co-founder has predicted that Ethereum is set to begin a 300% rally. Pal has always been a staunch advocate of the cryptocurrency and numerous times has he made his stance on the digital asset clear.
Why Ethereum's low gas fees has a two-fold scenario going forward
No other blockchain network facilitated more transactions than Ethereum during the DeFi and Yield Farming craze. Everybody wanted tThe post How does this impact Ethereum's price in the next rally? appeared first on AMBCrypto.
The role of the altcoin leader in setting up a market trajectory and acting as a point of reference for other alts is undeniable. It’s no wonder that there is an abundance of Ethereum-killers in theThe post Ethereum's altseason rally trigger depends on this appeared first on AMBCrypto.
Ethereum's rally to $3000 has more volatility than observed last week. In the past 24 hours, the price was up over 9%. Despite this according to analysts, Ethereum continues to remain undervalued.
Post the accelerated price rally, even at the current price level, above $4000 and at a market capitalization of $478 Billion, Ethereum continues to be undervalued. The total market capitalization of The post Ethereum's rally means this downside for DeFi tokens like CHZ, ENJ, MANA, FLOW, SUSHI appeared first on AMBCrypto.
Ethereum unstoppable rally keeps on ranging towards uncharted territory. The cryptocurrency has been on seamlessly never-ending price discovery in 2021. The outlook is bullish and any prediction, at the moment, seems conservative.
Over the past few months, Ethereum has been constantly moved off exchanges. The outflows have been significant since 2020 and the market has considered the situation to be extremely bullish. While it The post This Ethereum factor plays a fundamental role in the 2021 rally appeared first on AMBCrypto.
Ethereum, along with many of the market's altcoins, has seen stellar results in 2021 from a trading price standpoint. The coin was able to briefly go past the coveted $2,000-price range a month ago, bThe post Why Ethereum can spark an independent rally appeared first on AMBCrypto.
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Ethereum’s price is breaking all ceilings, with the cryptocurrency rallying by over 50% over the last 7 days, based on data from CoinMarketCap. The rally, similar to Bitcoin’s narrative, is pivotiThe post Ethereum: Does a price rally make sense? appeared first on AMBCrypto.
Ethereum is up 7% and it broke the $340 resistance zone against the US Dollar. ETH price is now facing a major hurdle near $350 and $355, above which it could rally significantly. Ethereum started a steady recovery wave from the $313 swing low.
Ethereum has embarked on a stellar rally over the past few months. Since the March lows, the asset has gained around 400%, rallying from ~$90 to $425, where it trades as of this article’s writing.
Ethereum posted an intense breakout rally yesterday that allowed it to set fresh local highs This rally came about rather suddenly, with it coming about prior to any movement seen by Bitcoin or the aggregated crypto market Analysts are now noting that this uptrend may start to falter in the days ahead, as it is currently repeating a pattern that is strikingly similar to that seen in months past This potential weakness comes as Ethereum’s […]
Ethereum kickstarted 6 April with a strong green candle; by the eleventh hour, ETH had managed to acquire 8. 38% of its value and marked a daily peak at $155. 78. The second-largest cryptocurrency was aThe post Ethereum rally sparks $1.
Bitcoin saw a sharp upwards movement earlier today that allowed the cryptocurrency to surge as high as $6,900, with this rally leading major altcoins like Ethereum to follow suit and further extend the momentum that was first incurred early yesterday.
Ethereum has been one of the best performing major cryptocurrencies throughout 2020, with ETH posting a massive rally that sent it from yearly lows of $120 to highs of just under $230. This intense uptrend has allowed the crypto to form a highly bullish market structure, and its ability to hold above $225 over the... The post appeared first on NewsBTC.
The Ethereum price has been decreasing since reaching a high of $198 on October 11, 2019. Additionally, it has created a very clearly-defined pattern — since it is trading inside a descending parallel channel.
Ethereum price has managed to break above $215 today for the first time since November, 2018, securing an 8. 09% gain. With the altcoin rally now underway, let’s take a look and see how likely the number two cryptocurrency will stay at this new psychological level during the rest of the week.
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