- ETH hits bottoms of below $2.4K.
- Many factors together account for such desperate failures.
- Vitalik Buterin blames high gas fees as a vital reason.
Being the second day of the market failure, Ethereum (ETH) steps down sinking deeper and deeper. Though both the kings of the crypto industry and the altcoins fail miserably upon the market crash, the ETH is actually now the worst affected than compared to Bitcoin (BTC). This is based %on the past 24 hours into consideration. Accordingly, the price of ETH now trades at lows of $2,437 at the time of writing. Also, the graph is down by 14.78%, which is about 4% greater than BTC.
Moreover, ETH dropped down to a solid rock bottom of $2,330 just a few hours back. This accounts to the lowest ETH has ever been over the past six months.
Major Price Depreciating Factors
Upon the first market crash of the year 2022, around January 1st week, ETH dropped down below the much expected stable support point of $3,600. As many analysts depict the primary reasons for the first market crash is upon the Federal Reserve’s critical decisions upon the soon to come out new crypto and digital currency report.
On the contrary, many depict that ETH has many faults of its own being critical factors for such destructive performance for the past few days. Accordingly, the co-founder of ETH, Vitalik Buterin, recently stated that one of the major back pulling factors for the ETH is the high gas price for the transactions. The transaction costs approximately accounts to about $40 or at times more than that.
Moreover, Vitalik Buterin stated that the gas fees had to be brought down so that the ETH blockchain could be accessible to a wider range of people. Besides, another major factor ETH 2.0 is still yet to come out completely into action. According to Buterin, only about half has been traveled by ETH 2.0 so far, and there yet remains another half to cover. The sooner ETH 2.0 covers up, the sooner and better will become the ETH.