Ethereum Falls Despite Recording Lowest Gas Fee in Six Months

Updated:

Ethereum (ETH) gas fee just hit its lowest point in over six months. The network transaction fee dropped rapidly to 35 gwei earlier today before jumping back to 67 gwei. This comes despite the recent announcement that the blockchain would shift its highly-anticipated proof-of-stake (PoS) consensus mechanism upgrade to June 2022.

Ethereum has come under heavy fire this year for its ridiculously high gas fees. That said, analysts believe that the transaction fee drop should have a positive effect on the price of Ether in the near term.

Meanwhile, many believe that ETH has significantly outperformed Bitcoin this year, and they are not wrong. Prominent Twitter cryptocurrency analyst @CryptoCred recently asserted that the ETH chart against that of BTC’s “is one of the best-looking macro charts in crypto at the moment.”

The analyst is bullish on Ether and argues that he expects the price to continue outperforming Bitcoin. @CryptoCred recently tweeted that:

“Our overall framework is still defensive given the high time frame weakness that has emerged in Bitcoin/Dollar.”

So far, ETH has rallied by over 230% against BTC in 2021, as ETH/BTC hit a yearly high of $0.0883 yesterday. Furthermore, derivatives numbers show that traders have more confidence in Ether than in Bitcoin in the current Bull market.

Key Ethereum Levels to Watch — December 10

Ever since it printed a new record high at $4,868, Ether has fallen into a broad range-bound momentum between $4,800 and $4,000. However, the second-largest cryptocurrency appears to be losing the fight to bears, as it breaks below the $4,000 support and into the $3,970 – $3,840 pivot zone.

ETHUSD – 4-Hour Chart on BITSTAMP. Source: TradingView

Only yesterday, ETH recorded a healthy rebound to the $4,500 high but could not sustain the momentum and buckled under the growing bearish pressure. That said, the current intensified bearish momentum comes amid increased talks over the regulation of the crypto industry.

Meanwhile, my resistance levels are $4,100, $4,200, and $4,300, and my support levels are $3,900, $3,800, and $3,700.

Total Market Capitalization: $2.21 trillion

Ethereum Market Capitalization: $472.8billion

Ethereum Dominance: 21.3%

Market Rank: #2

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.