![Ethereum [ETH]: Assessing if sliding fees can hasten relay to $2k](https://i.headtopics.com/images/2023/3/21/cryptoamb/ethereum-eth-assessing-if-sliding-fees-can-hasten--ethereum-eth-assessing-if-sliding-fees-can-hasten--1637960963444862977.webp)
Increased demand and a decline in fees could help ETH reach $2,000. Unfiltered ETH transactions dominated the network as Ethereum struggled to register new addresses. Holders of Ethereum [ETH] savored the surreal rise of the cryptocurrency over the last two weekends. Because of the hike in value, the demand for the altcoin king significantly increased […]
A look at data from the platform revealed that the average fee reached a Year-To-Date high of $4.26 on 14 February. At this time, ETH’s price was around $1,670. But before the press time value of $2.82, the aforementioned drop had happened.
A situation like this could trigger increased investor participation and possible accumulation. Santiment went further, noting that this fee region was a good sign for ETH to hit $2,000. The last time the altcoin reached such levels was in May 2022. So, is there a chance of a repeat sooner than later?this could be some sort of hurdle. This deduction was taken from the metric’s sublime decrease to 32,200. The network growth shows the number of new addresses being created on a network. So, the fall means that ETH was not gaining notable traction among new folks in the crypto ecosystem.
But in the last seven days, existing users of the network took it upon themselves to increase participation. This was because active addresses, at the time of writing, had risen to 2.1 million. Invariably, this confirmed that the increased demand was likely between short to long-term holders, not newly created wallets.However, ETH could still have the chance to hit the milestone beside the trend displayed by the active addresses and network activity.
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