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Ethereum Gas Fees Surge: What’s Driving The Costs And How To Mitigate Them

Ethereum gas fees have surged recently, with the average fee hovering around 80 Gwei. For certain transactions, such as NFT sales, costs have exceeded $165, leaving many users frustrated by the high expenses. What’s Causing the Spike? The primary driver behind the rise in gas fees is network congestion. Ethereum currently has 151,751 pending transactions and a network utilization rate of 64.53%. This congestion creates intense competition among users to have their transactions processed, leading to higher fees. The spike in activity is tied to a range of use cases, including NFT sales, DeFi protocols, and general user transactions. As more people engage with Ethereum’s ecosystem, the strain on the network grows, pushing gas prices upward. Solutions in Progress Ethereum developers are actively working on solutions to improve scalability and reduce gas fees: 1. Layer 2 Solutions: Technologies like Optimistic Rollups and ZK Rollups allow transactions to be processed off-chain, reducing congestion on the mainnet. 2. EIP-4844 Update: A planned network upgrade, EIP-4844 aims to further optimize Ethereum’s efficiency and scalability. What Can Users Do Now? In the short term, users can adopt strategies to minimize costs: – Transact During Off-Peak Times: Gas fees tend to drop during periods of lower network activity. – Utilize Layer 2 Networks: Platforms like Arbitrum and Optimism offer faster and cheaper transactions compared to the Ethereum mainnet. Ethereum Gas Fee Surge: Causes and Solutions – about 80 gwei The recent rise in @ethereum gas fees is directly tied to network congestion and increased user activity. The average gas fee stands at around 80 #Gwei , with certain transactions, like #NFT sales, costing over $165… pic.twitter.com/MhG6gQW6Zw — havelaw 해브로 (꧁IP꧂) (@havelaw11) January 2, 2025 As Ethereum continues to evolve, these ongoing improvements are expected to ease network congestion and lower gas fees, ensuring a more efficient and cost-effective experience for its users. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: nexusplexus/ 123RF // Image Effects by Colorcinch NullTx

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Ethereum Price Steadies: Bulls Push for a Controlled Comeback

Ethereum price started a fresh recovery wave above the $3,400 zone. ETH is consolidating and aims for a fresh increase above the $3,500 resistance. Ethereum started a decent recovery wave above the $3,450 zone. The price is trading above $3,420 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it clears the $3,500 resistance level. Ethereum Price Rises Steadily Ethereum price remained stable above the $3,320 level and extended its recovery wave like Bitcoin . ETH gained pace for a move above the $3,350 and $3,420 resistance levels. The bulls were able to surpass the $3,450 resistance level. It opened the doors for a move toward the $3,500 level. A high was formed at $3,502 and the price is now consolidating gains . There was a minor dip below the 23.6% Fib retracement level of the upward move from the $3,310 swing low to the $3,502 high. Ethereum price is now trading above $3,400 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $3,480 level. The first major resistance is near the $3,500 level. The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,780 resistance zone or even $3,880 in the near term. Another Decline In ETH? If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,420 level and the trend line. The first major support sits near the $3,400 or the 50% Fib retracement level of the upward move from the $3,310 swing low to the $3,502 high. A clear move below the $3,400 support might push the price toward the $3,350 support. Any more losses might send the price toward the $3,280 support level in the near term. The next key support sits at $3,220. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,400 Major Resistance Level – $3,500 NullTx