Ethereum (ETH), a cryptocurrency, has made headlines today. Altcoins are a hot topic for a variety of reasons. While the value of the second biggest cryptocurrency is still struggling, daily transaction fees on the network dropped dramatically. The community expects ETH to recover or reach $4,000 this month.
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Ethereum Gas Price Dips
Gas charges for Ethereum transactions have fallen to their lowest level in the last five years, at 0.808 gwei or $0.05. This drop is historic for Ethereum. Gas prices have previously reached $100. In 2020 the value of gas surcharges reached a peak at 709.7 gwei or $196. This growth was primarily due to the NFT trend and growing interest in DeFi apps, as well as increased network traffic.
ETH is currently trading at $2.643.92, following a 0.29% fall over the previous 24 hours. The altcoin had been trading well over $3,000 earlier this month. ETH plunged to a record low of just $2,159.28. Ethereum also failed to record a peak like Bitcoin (BTC). This altcoin reached an all-time peak of $4,891.70 around three years ago. It is now trading 45% lower than that milestone.
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Forecast for the February price
Data from CoinCodex suggests that Ethereum could increase up to 1.38 % in February and reach an average of $2.683.14 per month. Expected price changes range from $2,218.34 up to $3,115.88. This trend, when compared with the current price can offer a return potential of 17.73%.
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Source: watcher.guru
