Ethereum (ETH), the world’s second largest crypto digital asset, hit its latest all -time high over the past few days at a price of $ 4,362.35.
Specifically, Ethereum recorded an incredible 30 -day growth rate of more than 100%. According to forecasts maybe ETH will hit $ 5,000 to $ 10,000.
In addition to ETH’s market performance, the network is also in the process of complementing Ethereum 2.0 technology. This technology will reduce the challenge facing ETH at the moment which is the price of Gas Fee which is too high.
Recently, the Ethereum network once again faced a surge in gas prices (transaction costs) of up to 470% on 11 May. Gas prices at the time hit nearly $ 70 which was an all -time high with an increase of almost double from the February record of $ 40.
So with this 2.0 technology, more traders and investors can maximize their funds in crypto purchases while enjoying the lowest fees.
From a technical analysis point of view, ETH re-tested the support level around $ 3,200-$ 3,500 after making the latest ‘all-time high’ on May 12 after the surge in gas prices.
It is likely that if the price manages to return to the ‘all-time high’ level, the price will test the zone before making a higher rise.
But if the bearish situation continues, the focus of the price level to test is around $ 2,900 before reaching the lowest support level ever recorded.
