- Ethereum price appears ready to recover from the latest dip as the gas fees declined by 90% since 2021 November.
- Mark Cuban remains bullish on the alt, revealing the merge as a much-awaited upgrade.
- Ethereum displays a massive S & P 500 correlation, triggering a bullish theory among traders.
Ethereum might recover from its downswings and kick-start an upward journey towards the $4,000 mark. That comes as analysts and investors maintain a bullish stance on the token. Remember, Ethereum’s high gas fees have propelled individuals interested in the platform. However, the charges have dropped around 90% since 2021 November.
Ethereum Awaits Massive Rallies in 2022 Q2
Ethereum price appears primed to retest a vital support floor it readies to overcome its downward actions. ETH transaction costs reduction remains a crucial development as the merger nears. Ethereum network has seen its gas charges declining by 90% since 2021 November, a milestone for the alt.
Analysts at Santiment believe reduced transaction fees contribute to price increases. Average gas charges stand at $5.81, lower than the levels seen over the past eighteen months. ETH gas charges touched the highest level in 2021 May at $69.
Analysts trust ETH might outshine its competitors, dominating the altcoin space. BitMEX CEO Arthur Hayes sees Ethereum outperforming Layer1 networks. Mark Cuban, the Mavericks owner, stated that the merge is among the most-awaited and bullish events in the ETH network. Cuban told Fortune that he is bullish on the alt and trusts Ether would outperform the crypto market.
Another factor supporting Ethereum’s positive reactions is its surging correlation with tech stocks and S&P 500.
Experts examined ETH price trends and forecasted surges for the alt price. FXStreet note the alt moved beyond the 200-day MA. Moreover, the alt’s indicators remain bullish on the price chart. Analysts see Ethereum rallying towards the $4,000 mark.
While publishing this content, ETH changed hands 4.19% lower at $3,334.08. That downside actions emerged as Fed’s hawkish comments injured market sentiment. However, ups and downs are usual in the cryptocurrency world. Ethereum will likely embark on massive upsurges after the current downbeat mood.