ETH drops down to $2.3k price level and Vitalik Buterin blames high gas fees

ETH drops down to a $2.3k price level and the co-founder of the currency, Vitalik Buterin, blames the high gas fees of the network for this drop. The second-largest currency plunged to $2,330 per unit.

The Crypto market is trembling as the prices of the top 10 tokens are have faced critical drops. As the flagship currency dropped below the $34k price level, the whole market saw losses of billions of dollars in a single day. If we compare BTC and ETH in the last 24h, then it is interesting to see that ETH is more affected by this market crash. At the press time, the second-largest currency is exchanging hands above the $2.5k level.

ETH drops down to $2.3k price level:

ETH drops down to that level which it hasn’t reached in the past 6 months. In the first week of 2022, the price of ETH dropped below the significant support of $3600. Many analysts have blamed the Federal Reserve for this early market crash in 2022. But now ETH drops down to the $2.3k level and I don’t know who are they going to blame. Many factors have summed up for this bad performance of the currency.

ETH drops down

The co-founder of Ethereum has recently said that high gas fees are the main factors that are affecting the performance of the coin. The gas fees for a single transaction on the Ethereum costs about $40 or even more. Moreover, Vitalik Buterin stated that the gas fees had to be brought down so that the ETH blockchain could be accessible to a wider range of people. ETH 2.0 is yet to be unveiled which is rumored to solve these issues.

Read more here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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