Ethereum gas fees hit lowest point since June, despite PoS hardfork delay

Ethereum gas fees have hit their lowest level in the past six months. The network fee was 35 gwei before climbing back to 67 gwei. Ethereum network has pushed its upgrade to June 2022. 

Analysts are more bullish on Ethereum than Bitcoin as network fees plunged

Ethereum has frequently been criticized for high transaction fees. Earlier today, the fees took a nosedive, hitting 35 gwei before bouncing back to the 67 gwei level. Analysts have noted the drop in the transaction fees, fueling a bullish narrative for Ethereum price. 

35 gwei hit the lowest point since June 2021. The network recently announced a delay in the transition from Proof-of-work (PoW) to Proof-of-stake (PoS). 

Traders believe that Ethereum has seriously outperformed Bitcoin for months now. The pseudonymous analyst @CryptoCred believes that the Ethereum chart against Bitcoin is one of the best-looking macro charts in crypto at the moment.

@CryptoCred is bullish on Ethereum’s price and believes that the altcoin is likely to continue posting gains against Bitcoin. The analyst says,

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

ETH/BTC has rallied over 230% in 2021, hitting a new high on December 9. Derivatives data indicates that traders are more confident about Ethereum than Bitcoin in the current bull market. 

FXStreet analysts have evaluated the Ethereum price trend and predicted that the altcoin is prepared to hit a new all-time high.