Stay 
Trading Conditions
Products
Tools
Crypto Industry News:
The average Ethereum gas charge drops to $ 1.57, its lowest level since 2020.
For almost two years, between January 2021 and May 2022, the average gas charge required by the Ethereum network was around $ 40, with the network having its highest average daily gas cost of $ 196,638 on May 1, 2022.
The biggest obstacle to the Ethereum ecosystem's mainstream domination is often attributed to the very high transaction fees - known as gas fees - required to complete a transaction. However, as the average Ethereum gas charges drop to 0.0015 Ether (ETH), the situation will change.
The average transaction fee on the Ethereum blockchain has dropped to 0.0015 ETH or $ 1.57 - a value previously seen in December 2020. However, starting in January 2021, Ethereum gas charges increased due to the hype around non-convertible tokens (NFT), decentralized finance (DeFi) and a promising bull market.
Technical Market Outlook:
The ETH/USD pair has been seen moving up finally, after the local technical resistance levels had been broken ( $1,086 and $1,114). The technical supports are seen on the levels of $1,041, $1,026 and $996 as well. The larger time frame chart trend remains down and as long as the key short-term technical resistance, located at the level of $1,280, is not clearly violated, the outlook remains bearish.
Weekly Pivot Points:
WR3 - $1,452
WR2 - $1,340
WR1 - $1,207
Weekly Pivot - $1,098
WS1 - $957
WS2 - $839
WS3 - $701
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $1,420 and bears continue to make new lower lows with no problem whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the levels below $1,000, like the last swing low seen at $880. Please notice, the down trend is being continued for the 11th consecutive week now.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
