The Ethereum network launched the Berlin upgrade some days ago with many 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 sky-high. The demand for digital assets has caused numerous 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 fork is yet to deliver on promises. The transactions have gone as high as $39 on an average in February, but things have cooled down, following new solutions yet making notable changes.
Gas fees go sky high
People in the digital asset space understand that the skyrocketing transaction fee prices mean that the blockchain is busier than ever with numerous NFTs and DeFi projects, which have caused the network to settle transactions at a slower rate.
Asides from the slow settlement, average traders, have to spend more money for activities on the blockchain, even those with the lowest priorities. According to its creators, this new increase could have been triggered by the new Ethereum upgrade called the Berlin fork, which would improve numerous things on the ETH network.
Even after the launch, the Berlin fork has not made the promised improvements. This has caused some confusion in the digital asset space as traders await a suitable solution that would end the network’s high transaction fees.
It is safe to note that the Ethereum network is currently undergoing numerous changes, especially 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 non-fungible tokens sector, and the tiny fraction continues to grow impressively. Ethereum is arguably one of the industry’s best performers as it continues to go sky high after bypassing the $2,000 resistance.
Ethereum remains bullish despite its high gas fees
The coin is currently 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 multiple 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 eventually 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.
Digital asset adoption is inevitable as Canada approves more Bitcoin ETFs, which is not surprising as the country was the first to approve Bitcoin exchange-traded funds in North America. However, this has not changed the US’ stance against creating an ETF for Bitcoin as its SEC concluded that the digital asset is new and would be easily manipulated.