Ethereum Falls Despite Recording Lowest Gas Fee in Six Months

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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.

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

 

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