Ethereum Mainnet Still Preferred by Traders Despite High Gas Cost

Vitalik Buterin Unveils Ethereum Scaling Roadmap!
  • After hitting fresh highs, the ETH price looks to have paused. 
  • About 100K ETH was burnt last week, potentially increasing the supply.

Ethereum is now exhibiting tremendous positive momentum, in the same way as Polkadot and Solana have. The price of Ethereum (ETH) has been slowly growing, avoiding any significant decreases. The price, on the other hand, was unable to break through the barrier levels. As a result, the volume remained strong, even among the bears who made profits.

Because the cost of ETH Gas is still prohibitively expensive, a number of traders are exploring alternatives. The Ethereum Mainnet continues to be favored by traders, as seen by a 5-month high of about $56K transactions. However, they are slipping back towards their previous highs of $65K.

Current Rally is More Calculated

After hitting fresh highs, the ETH price looks to have paused. The traders still believe in the approaching Bull Run since the bears were barred from the deal. It seems that, unlike prior crashes, the current rally is more calculated. Since the start of Q4, the trajectory has been under full control.

The second most popular crypto seems weary at press time and may consolidate for a while. In the next few days, the price may potentially drop below $4500. However, a big comeback at current levels might quickly push the price beyond $5000.

Ethereum (ETH) price is poised to skyrocket as ETH 2.0 advancements, and recent upgrades hint at a positive trend. Interestingly, about 100K ETH was burnt last week, potentially increasing the supply. According to CoinMarketCap, the Ethereum price today is $4,537.27 USD with a 24-hour trading volume of $19,835,444,270 USD with a market cap of $536,274,651,005 USD.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.