Ethereum’s average transaction fees have been dropping steadily and are now at $1.64, remaining under $2.0 for two months straight. This could be the first sign of a gradual rebound toward its all-time high price of USD 4,858 on November 10, 2021.
The decrease in Ethereum’s average fees over the past few months is in large part due to the scaling solutions like the Ethereum 2.0 upgrade, which has helped to reduce network congestion and improve the overall transaction throughput. Reducing the average fees for transactions on the Ethereum network, it could provide an incentive for more utility usage and further drive up prices as demand increases.
In addition, Ethereum developers have been working hard to implement new features like DeFi yield farming, which could help attract new users and further increase the utility of Ethereum.
Ethereum’s Current price analysis
Ethereum price analysis shows ETH is trading at $1,336.42 and is up by 0.58% in the last 24 hours. Ethereum price is rebounding from its recent dip and is looking to reclaim the $1,400 level with a push above this could set Ethereum back up for a move at its all-time high prices.
As Ethereum’s average transaction fees remain under $2.0 and its price is rising, it could be a sign of further upside potential in the near future. Ethereum has been on a steady uptrend in the last few days after breaking out of $1,200 resistance and is looking to reclaim its all-time high prices.
ETH/USD is trading in a triangle-like formation, which could signal a possible breakout soon. If the ETH price manages to break through the $1,400 resistance level with good momentum, it could trigger a massive rally toward $1,500.
The technical indicators are mostly positive, with the MACD showing a bullish crossover and the RSI above 50. Ethereum is also holding strong support at $1,320 which could provide some downside protection if the price dips further. In conclusion, Ethereum’s average transaction fees remain under $2.0 for two months straight which could be an indication of long-term upside potential.
Ethereum could be on the brink of a significant bull run as technical indicators remain mostly positive and ETH/USD is trading within a triangle-like formation. With the potential for Ethereum to break out above $1,600, it could trigger a surge toward its all-time high price levels.
