It might not be very special, but waking up today, reading a few words in the Bible, followed by checking the charts, and seeing that Ethereum just broke the $4,000 limit feels quite special! It is a milestone for the Ethereum community, and it is big proof that we are in a bull market, big time!
I wrote about it last week, how I suspect that the price increase for Ethereum has to do with the gas prices becoming lower again. Well, forget about cheaper gas prices. This weekend they were above 100 all the time (again), and at the time of writing, the price for doing a transfer on the Ethereum chain is somewhere around $5 USD (for simply sending ETH to a different address). If you want to send a different ERC-20 token, or interact with a contract or do a swap on Uniswap, the prices will be way higher (trading on Uniswap now will easily cost you $20-$30!
Of course, traffic is always increasing when the Ethereum prices increase or decrease, so this is kind of natural. And I believe that before the Berlin fork, the gas prices would actually have been way higher (we could often see gas prices between 200 and 300), meaning that it is lower than what it would have been during a similar situation a few months ago, but it is still WAY TOO HIGH!
But, if Ethereum can slow down and take a break and build some support around $4,000, then I believe the gas prices might come back to normal again (somewhere between 20-40 in gas fees), and then comes the London fork, and then eventually Ethereum 2.0 and liberate from all this gas mess and extremely high fees.
No matter, congratulations to everyone holding Ethereum... considering that it was possible to buy 1 Ethereum for $100 in 2020, it is quite fantastic to see it reach $4,000 today!
Should I sell some Ethereum?
The question is... if you have some Ethereum dust or maybe an entire Ethereum. Is this the time to sell? I have no clue, and I will not give you an answer. If the bull market keeps going, then I suspect that the Ethereum price will increase even more as Ethereum 2.0 will come closer. But, if the market should decide to collapse, then so will the Ethereum price!
Have a wonderful day everyone!
Difficult choice, as always. Dollar cost averaging on the way out of market seems to be the best strategy during bull runs, although not that practical with these kinds of transaction fees.
Posted Using LeoFinance Beta
Just checked... a normal Ethereum transfer now with Metamask would cost me more than $20... That is just crazy... Of course, if you have 100s of Ethereum to sell, then it isn't much. But, for those of us with some dust to sell, it feels like a lot spending more than $20 to send a little bit.
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