Ethereum Transaction Fee Hits $7.70 as Price Drops Below $500

Ethereum Average Transaction Fee is at a current level of $7.70 against the backdrop of a strong downward movement in crypto prices.

November 26, 2020 | AtoZ Markets – The price of the second-largest cryptocurrency by capitalization, Ethereum (ETH) fell below $500, although it was trading above $600 on November 24.

The chart below shows the change in the ETH price rally to a collapse, supported by a surge in trading volumes. The price reached a local minimum at $480, then rebounded slightly.

Ethereum transaction fee reached $7.70

Against the backdrop of a strong downward movement, the gas price on the Ethereum network rose sharply. This appears to be driven by increased transactional demand.

As a result, the average cost of an Ethereum transaction reached $7.70.

Ethereum transaction fee

At the time of writing, the average Ethereum transaction fee is higher than Bitcoin. Data: Blockchair.

Well-known trader Michael van de Poppe is confident that the current correction is short-lived, and ETH will resume growth soon.

In his opinion, the so-called “altcoin season” will come after bitcoin reaches the support level at $ 14,000.

As a reminder, on November 23, the Ethereum price crossed the $600 level for the first time since June 2018.

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