The Ethereum network launched the Berlin fork a few days ago with promises that it would improve the scalability problems and the high gas fee, but this has not been the case as Ethereum’s gas fee is still extremely high. The demand for digital assets has caused many activities on the blockchain, making it busier than ever with numerous transactions.
Almost two months after, Ethereum hits another high average of $24 per transaction, making the space spend higher to settle their transactions, and the Berlin upgrade fork is yet to deliver on promises. The transactions have gone as high as $39 on an average in February, but then things have cooled down, following new solutions yet making big changes.
Gas fees go sky high
People in the digital asset space know that the high transaction fee prices mean that the blockchain is busier than ever with lots of NFTs and DeFi projects, which have caused the network to settle transactions at a slower rate.
Asides from that, average traders, have to spend more money for activities on the blockchain, even those with the lowest priorities. According to its creators, this new rise could have been triggered by the new Ethereum upgrade called the Berlin fork, which would improve things on the ETH network.
Even after the launch, the Berlin fork has not made the promised improvements including high gas fee. This has caused some confusion in the digital asset sphere as traders await a suitable solution that would end the network’s high fees.
It is important to note that the Ethereum network is currently undergoing lots of changes, particularly due to the space’s demand for NFTs, which usually stayed below the interest list. Many new trends have pushed enthusiasts into getting interested in the NFT sector, and the tiny fraction continues to grow impressively. Ethereum is one of the industry’s best performers as it continues to go sky high after bypassing the $2,000 resistance level.
Ethereum remains bullish despite its high gas fees
The coin seems very bullish and has gone as high as $2,547, making it a new ATH as the space anticipates the next action for the growing asset. Since last year, the asset has grown several times, and Bitcoin’s continuous bull runs have influenced its outlook as bulls work in the asset’s favor.
The asset had seen some challenges on its quest to retake $2,000, but it finally hit the position. Since then, the coin has refused to cool and has been attracting new gains beyond most assets. Ethereum has been trading in the positives within the last few days, despite its recent declines, which could mean that the bull runs could be coming to an end.
Cryptocurrency adoption is inevitable as Canada approves more Bitcoin ETFs and also Ethereum ETFs, which is not surprising as the country was the first to approve Bitcoin ETFs in North America. However, this has not changed the US’ stance against approving ETF for Bitcoin as its SEC concluded that the digital asset is new and would be easily manipulated.