Ethereum price rises high above $4000, despite certain correction, the price tend to regain the lost position
The gas fees on ethereum platform also spikes, recording the highest ever levels in recent times
Despite multiple attempts the Ethereum ecosystem failed to address the high gas fee issue that may hinder the bull rally
ETH Gas Fees Touching Skies
The Ethereum gas fee often rises high when the ETH price rises high breaking the upper barriers. The ecosystem attempted with a couple of upgrades to address the high gas fee issue, yet they failed to do so.
Currently, due to high trading volumes on the ethereum based platforms, the gas fees also soared high. At the time of writing, the gas fees are ranging in between 242 gwei to 288 gwei with an estimated cost of nearly $200 per transaction.
The pricking transaction fees still remain the matter of concern for the traders who trade on the Ethereum based decentralized exchange. However, many are speculated to have been shifted to the other alternative platforms like BSC, Solana, Polkadot, etc, if feared that these might outpower ETH one day.
Ethereum Price May Sink In 2022
ETH as of now has showcased a slow yet steady price rally reducing steep pumps and dumps. Some believe that the asset is highly undervalued as compared to Bitcoin yet some believe that it is ‘dangerously overvalued’.
As pointed out by one of the analysts Mr.Whale, Ethereum is overvalued and predicted a bearish flip for the price. The price is expected to plunge heavily around $200 levels in 2022.
It is the known fact that Ethereum gas fees rise with a surge in ETH prices. Moreover if the issue is not addressed then, the price may slide to some extent. Conversely, the ETH balances on the CEX’s are declining at a higher rate manifesting a bullish trend approaching fast. However, if the Ethereum price continues to soar, then the gas fees will also record new highs.