Ethereum blockchaincontinues to face problems due to high gas prices. The Nansen platform, which tracks Ethereum gas fees, has found that ethereum gas fees are increasing. On the day of the detection, gas fees had reached 250 gwei, or over $9, according to the Nansen platform.
Gas fees are also increasing due to increased transactions on the Ethereum blockchain. It was determined that DeFi crypto loan protocols were the ones who spent the most gas fees in the last 24 hours. spent gas chargesMore than 18% of the total came from Uniswap, while 1inch accounted for 3.43%, aave 3.2% of the ISE.
The data shows that investors are prepared to take risks due to the falling Etherum (ETH) price. According to data from Block Analytica, when ETH has a price tag of $2,082, approximately $510 million of collateral will be liquidated.
However, current gas prices seem cheaper in dollar terms compared to previous months. The median gas price in December was around $22, according to BitInfoCharts data. In January, gas costs averaged around $15 per transaction.
At the same time, the network aims to completely alleviate volatile gas fees with the arrival of the ETH 2.0 update. The network predicts that the move to proof-of-stake later this year will bring more predictable gas fees.
Ethereum (ETH) Price Continues to Drop
Ethereum (ETH) The price has dropped 24.8% over the past two weeks, extending its loss above $700. ETH is down 13.11 percent at the time of writing, changing hands around $2,300.
The current price represents a drop of over 50% from its all-time high. Many market experts, including Ethereum founder Vitalik Buterin, have warned that the entire crypto market may have to endure a prolonged bear market. Bloomberg analysts also previously warned that there is a risk that Ethereum price may test leverage around $1,700.
However, there are also those who make a bullish forecast for Ethereum. A panel of fintech experts from crypto comparison site Finders believes that by the end of 2022, the price of ETH could exceed $5,000.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.