|

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

  • Analysts note a massive drop in Ethereum gas fees, which hit their lowest point since June 2021. 
  • The Ethereum network has delayed its transition to the Proof-of-stake to June 2022. 
  • Analysts are more bullish on Ethereum than Bitcoin as the altcoin has outperformed BTC by more than 230%. 
  • Top cryptocurrency analyst is bullish on Ethereum, confirming that ETH/BTC chart is one of the best-looking macro charts in crypto. 

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. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP slide further as risk-off sentiment deepens

Bitcoin faces extended pressure as institutional investors reduce their risk exposure. Ethereum’s upside capped at $3,000, weighed down by ETF outflows and bearish signals. XRP slides toward November’s support at $1.82 despite mild ETF inflows.

Ripple eyes record high breakout in 2026 as Ripple scales infrastructure

XRP has traded under pressure, but short-term support keeps hopes of a sustainable recovery in 2026 alive. The launch of XRP ETFs and regulatory clarity in the US pave the way for institutional adoption.

Bitcoin risks deeper correction as ETF outflows mount, derivative traders stay on the sidelines

Bitcoin (BTC) remains under pressure, trading below $87,000 on Wednesday, nearing a key support level. A decisive daily close below this zone could open the door to a deeper correction.

Monero builds momentum amid bullish bets and looming resistance

Monero (XMR) trades close to $430 at press time on Wednesday, after a 5% jump on the previous day. The privacy coin regains retail interest, evidenced by heightened Open Interest and long positions.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.