Ethereum May Not See the 5.000 Dollar in the Near Term! Here is the Big Obstacle to ETH

0
28

Which is the second largest cryptocurrency in the world Ethereum (ETHMonday November 8, as it touched an all-time high of $4.835 Bitcoinhe closely follows in the footsteps of . That being said, ETH it seems to be under some selling pressure right now, not having enough support to pass the $5000 milestone.

The Big Obstacle to Ethereum

Popular crypto currency Ethereum (ETH) is trading at $4,707, down 1.76% with a market capitalization of $560 billion at the time of writing the content. But a big roadblock in front of Ethereum’s further rally is a high gas fees may be. So much so that according to the in-chain data provider Santiment, ETH gas feethe average cost of has reached the highest level in the last five months.

Ethereum has risen to an all-time high of $ 4.835 in the past day and is quite close to the important level of $ 5 thousand. But one of the few things that is holding ETH back is that the average network fee is $63.50, which was last this high on May 12.

Ethereum Competitors

Ethereum (ETH), the top performer this year in 2021 crypto currency he became one of its units. The Ethereum blockchain is high this year DeFi and NFT he witnessed its effectiveness.

But the high transaction costs have become a deterrent for new DeFi players. Therefore, investors Solana (LEFT), Polkadot They are switching to competing and alternative platforms, such as (DOT) and others.

So much so that the popular cryptocurrency Solana (LEFT) has witnessed a surprising bull run over the past week, decimating it into the top 5 among the largest cryptocurrencies.

Solana has emerged as a true Ethereum competitor with its high transaction volume and low cost transactions. Solana has also hosted several DeFi protocols and has a total locked value (TVL) of more than $15 billion.

On the other hand Avalanche (AVAX) and Phantom Competing platforms such as (FTM) are also putting Ethereum at risk. However, the general DeFi when it comes to mastering its activity, Ethereum is still miles ahead of the others.

Currently, all eyes are on the development of Ethereum 2.0, which will greatly improve network scalability while reducing transaction costs.

You can follow our news on our Telegram channel, Instagram, Facebook, Twitter accounts and Youtube channel.