Ethereum Gas Fees Spike to New Highs on Latest NFT Hype

There were many disgruntled Ethereum users over the weekend following a Yuga Labs nonfungible token (NFT) launch which caused gas prices to surge to new highs. The post Ethereum Gas Fees Spike to New Highs on Latest NFT Hype appeared first on BeInCrypto.

Timeline of Ethereum

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Ethereum (ETH) left its short-term investors fairly dissatisfied after failing to uphold the marks of its Point of Control (POC, red) at $3,000.

The sustained selling in Ethereum(ETH) price has knocked out several horizontal levels and DMAs. The altcoin recently breached the $2800 suggesting the sellers are prepared for another leg down.

Ethereum price analysis is bearish today as we have seen another strong spike lower and reaction higher to retest previous support as resistance. Therefore, ETH/USD should head lower later today and look to reach further downside.

Standard Chartered's Head of Crypto Research believes Bitcoin and Ethereum will end 2022 on a high note. He remains positive that a bullish outcome is in store for the two cryptocurrencies, despite the recent blip in April.

We spoke with the co-founder of Laconic, Maly Ly, who has teamed up with Ethereum developer Rick Dudley to create a data app store for web3. The post Ethereum core developer to launch Web3 app store for data appeared first on CryptoSlate.

Per data from Token Terminal, OpenSea generated almost as much revenue from transaction fees as the Ethereum blockchain during the period. Even more impressive is the fact that OpenSea achieved the feat without a token or token incentive, the crypto market data aggregator noted.

A three numeric Ethereum Name Service (ENS) domain dubbed 555.eth has just been sold for 55.5 ETH worth over $160,000. It now holds the record for the most expensive ENS domain ever sold.

Ethereum has played a significant role in the mainstream adoption of cryptocurrency and DeFi in general. Ethereum's market capitalization is currently $340 billion, indicating how much the cryptocurrency grew in the last decade.

Ethereum price analysis is bullish today as we expect the $2,775 support to hold and reverse the current several-day push lower. Likely ETH/USD will move back above $2,850 and retrace further.

The movement of the ETH token seems to be like a rollercoaster that cannot decide if it wishes to go uphill or downhill. At press time, ETH  was trading at a price of $2,829 which was 3.5% down in the last 24 hours.