Is Ethereum (ETH) a buy after the gas fees are down?

  • Ethereum gas fees are 62% lower than the previous month

  • Web3 and NFTs drive Ethereum Outperformance

  • Ethereum “Protocol 2.0” is in focus

Ethereum (ETH/USD) is the native token of the Ethereum blockchain that has reached an all-time high at the $4868.00 level in November 2021. Since then, the price showed a corrective momentum where the current price stands at $4060.38.

Ethereum bullish factors: what investors should know

Ethereum transfer was more expensive a month ago, where users had to pay $22.80 or 0.0056 ETH per transaction. However, things have changed now, and the current transaction fee is $23.34, which is more than 62% lower than a month ago.

Ethereum investors passed a profitable year in 2021 that came from the massive surge in Web3 and NFTs. According to some crypto enthusiasts, Ethereum is a technology that has a more stable database than Bitcoin. The current key price driver for Ethereum is the upcoming “Protocol 2.0,” where the current energy-intensive “proof of word” will be shifted to the Proof of stake method. As a result, the Ethereum mining energy consumption might fall by 99% that would massively adopt users with a future price appreciation.

Should you buy Ethereum (ETH)?

Ethereum showed a decent return in 2021, where the price displayed a 400% gain compared to its rival Bitcoin, which barely provided an 80% YTD return. Moreover, the most recent price swing has a bullish break of structure at the 4060.00 level, a significant buying factor of the ETH/USDT price.

Source – TradingView

Although the current price is facing a dynamic resistance from the 20 EMA, we expect intense buying pressure in the coming days. In that case, any bullish rejection in the daily chart from 3662.52 support of 2927.68- 2646.52 demand zone has a higher possibility of extending the current bullish vibe above the 5000.00 psychological level.


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