Despite the mounting ETH fees, Ethereum has been able to surpass the $400 price mark.
With the DeFi sector making waves all around the crypto industry, Ethereum has been able to record positives on all fronts. As it stands now, Ethereum is the biggest winner in the DeFi buzz story as demand for the second coin, according to market cap, has increased significantly.
Furthermore, Ethereum has witnessed a massive increase in the number of wallet addresses carrying out daily transactions as a result of its surge in price. Ethereum has had their hands full as a result of the surge in the number of transactions carried out, and it has caused mounting ETH fees.
According to the tracking website, Etherscan, the average fee charged for Ethereum transactions is $2.65.
Investors angry over the increase in ETH fees on the network
Investors and traders are displeased over the mounting ETH fees and anxious for the network when it starts to have large orders from dApps. Investors are, however, being comforted despite the surging fees as Ethereum has been able to break above the $400 mark.
Significantly, Ethereum has been able to reach a peak point in 2020 as it has hit an all-time high of $431. If the digital assets continue on this road, then it might as well prove Arthur Hayes theory of a $500 price before the end of the year.
ETH 2.0 reason for Ethereum rise despite mounting ETH fees, experts say
Experts have said that the rising price of Ethereum despite the mounting ETH fees is linked to the fact that investors are still eager for the launch of the ETH 2.0 which is set to happen soon.
Traders and investors are hoping that this new level might be the next support zone after the $365 that Ethereum held onto for a long time. If resistance can be used as a basis, then traders can visit the market trend in the early parts of 2018 as it has the same flow as this present market.