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Will Ethereum Gas Fee Hinder ETH Price Rally towards $3000?

Highlights

    Ethereum price rallied high first time ever in history to form new highs close to $2200

    The ETH Gas fees maintains its sky high position and hence the other platforms like BSC continue to eat its market share

The Ethereum Price rally was an inch close to surpass $2200 for the first time ever in the history showcasing a strong bullish momentum to lead the rally. However, the price experienced a slight pullback, yet standing strong above the support levels. 

With the eye-catching rally hitting at $2198 in the early trading hours, and hence $2500 looks inevitable. However, while the whole crypto space is waiting for the price to smash the milestone at $3000, yet an analyst predicts the rally to jump straight to $4000.

The reason behind the prediction is probably the previous price movement, where-in the price just flipped resistance into support and jumped high. Therefore, in the present scenario, the price following the previous trend, is expected to bounce high hitting $4000.

Has Ethereum Become a PlayGround For Rich?

Ethereum gas fees are among the top issues with the current platform as the fees hike with the surge in the price due to increase in demand. Often people complain about the high gas fees which costs nearly 30% to 40% of the transaction amount. 

Therefore, rightly said by one of the analysts, Lark Davis, Ethereum has become a playground for the rich. Moreover, the analyst also believes the rising gas fees is one of the reasons for coins like BNB to rise high.

Collectively, considering the Bitcoin price rally, Ethereum price rally appears to be at the pace of a tortoise. Nevertheless, the asset is poised to hit the set target, yet the high gas fees may hinder the ETH price rally in coming days.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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