Ethereum just broke $4,000 for the first time in history!
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!
hello @unbiasedwriter,
many people are very excited about the gains that etherium is making, just like many coins are reaching historical prices, that is quite exciting, on the other hand, you should be careful with a correction that makes the market go down, remember that nothing is forever and the wisest thing to do is to get your gains before they are just a memory.
Hi @unbiasedwriter
It is an amazing thing to see the way ethereum has grown since last year, and for sure it will continue to do so, more so if we look at it over time and analyze it as a long term project. The crypto world in general is growing very fast, and at any time you can expect a pretty big pullback. But, I am positive, and I know that even if it goes down, everything will continue to be assumed by the majority.
It's just a matter of time.
Yeah, things are growing so fast and increasing in value... it is such fun, but I fear that just anytime a pullback can come, and then many will regret not selling. So, I just had some Ethereum dust lying that I sold, just to make sure that I will not end up regretting myself! :)
Ethereum is truly a colossus, for me the most valuable first token of the entire blockchain in terms of development, technology and of course smart contracts. For me Ethereum will aim even higher than before. We can only continue to observe how it grows and if we have the opportunity to buy every time we can see a correction in the market and think that this is a long term investment.
Financial Markets Analyst.
@lenonmc21
I firmly believe that Ethereum will grow even more, not only in price, but also in the usage. But, the Ethereum 2.0 is sorely needed to get rid of the PoW with all the electricity usage and the terrible fees.
As long as the market doesn't collapse, I believe Ethereum holders have a lot to look forward to!
Totally agree, they should get out of that old consensus protocol algorithm and eliminate once and for all those fees that don't allow easy access to Ethereum Dapps.
Financial Markets Analyst.
@lenonmc21
Certainly the ETH created historical highs and presented a clear resistance at 4000$ levels where a psychological level 000 soon develops towards 5k.