• Ethereum sets a new all-time high as gas fees fall

  • Ethereum has extended the recent rally in the cryptocurrency market. The digital asset had been chasing multiple new all-time highs in the previous week, finally breaking above $4,600 on Wednesday. This milestone was significant for the asset because it demonstrated that Ethereum still had some steam left in it after experiencing multiple dips at the end of October.

    With the bull trend continuing in November, the uptrend for the second-largest cryptocurrency in the space is far from over. ETH has broken a new all-time high, bringing it one step closer to the end-of-year predictions of $5,000.

    ETH Breaks Through $4,700

    In the early hours of Monday, Ethereum broke through a long-awaited barrier. The break above $4,700 signaled the continuation of the bull market. Despite the fact that bitcoin had started to rally before ETH, it had yet to break its all-time high of $67K, putting ETH in the lead with this rally. ETH had reached a peak of $4,770. However, it had since lost its footing at this point, suffering a minor dip.

    Despite this, the digital asset continues to exhibit bullish patterns. ETH is still trading above its 100-day moving average, and the 5-day counterpart has consistently maintained high levels. The digital asset is consolidating below $4,750 for the time being, as the buildup towards $5,000 continues. However, a loss of momentum could quickly cause the asset to fall back to $4,500.

    Ethereum Fees Have Dropped

    In recent times, one of the Ethereum blockchain’s pain points has been the high cost of transactions. The rise of decentralized finance (DeFi) and NFTs on the network had driven average transaction fees to $56 at one point. This was due to increased blockchain activity as investors flocked to capitalize on the new use cases.

    However, Ethereum fees have recently decreased. The network’s average transaction fee has dropped significantly in the last week. A 33 percent decrease in transaction fees over the last week resulted in an average transaction costing $37. This figure has fluctuated over time, but users have been paying less in transaction fees than they were the previous month.

    This week has also seen a significant increase in hashrate. According to 2Miners, it peaked at 852.58 TH/s in the early hours of Monday but has since dropped back to 742.69TH/s.

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