Ethereum [ETH] stares down a cliff as median gas price soars to monthly high
There might be more than one factor affecting the gas fee prices as has been the case historically. One of them is that higher network demand causes congestion and higher demand for ETH and tokens used to pay the gas price.
The other reason is that this is a common occurrence during a bull market. The same principle applies, where demand for the underlying cryptocurrency or token pushes up the price. The second reason likely has the biggest impact on prices. Both factors have been at play for the last four weeks during which ETH managed to pull off aETH’s current price is one to watch because it is within a resistance zone that it has struggled to overcome in the last few days. Whether it will breakout, stay within the current range, or retrace is still a toss-up.
Nevertheless, this does not explain why ETH’s price remained in the green since the start of February. ETH exchange flows offer a clearer perspective of the current situation.Exchange flows did pivot in the last 48 hours, adopting a downward trajectory. This is confirmation of a demand slowdown as noted earlier.than the inflows. This is why the bulls have retained control, albeit barely.Subscribe to get it daily in your inbox.
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