Ethereum, the second-largest cryptocurrency, is trading with a bearish bias, down 5.00% in seven days to $1,282.51. The cost of sending Ethereum’s gas has increased from $2.58 on October 8 to $4.75 on October 10, an increase of 84%.
Ethereum Gas Fee Jumps 80%
Since August 11, 2022, or around 61 days ago, Ethereum transaction costs have not been higher than $4. Bitinfocharts.com has found that the average cost of a transaction on October 10 will be $2.2. The high priority cost for a transaction is currently around 27 gwei, or $0.62, as seen by the gas tracker at Etherscan.io; this indicates a rise.
Prior to The Merge, rates were lower; on August 28, 2022, 44 days ago, a high priority charge was roughly 11 gwei, or $0.34 per transfer, according to etherscan.io’s gas tracker. The average cost of a high-priority transfer is $0.62, but the cost of exchanging or moving an ERC20 token may be higher.
The price of an Opensea sale has increased to $2.13 from $1.17 on August 28. The anticipated cost of a Uniswap exchange is roughly $5.49, up from the previous estimate of $3.03 just 44 days ago.
Google Now Shows Ethereum Address Balances
Google’s search engine now includes information about Ethereum addresses. By typing an Ethereum address into Google’s search bar, you can find out how much ETH is in the wallet.
The new feature can be used with Etherscan, which is an Ethereum blockchain data aggregator and block explorer. Han Hua, a Google Ventures investor, specializing in cryptocurrencies, tweeted on Tuesday about the new tool.
According to a report from CNBC, Google has announced that beginning in the first quarter of 2018; it would begin accepting Bitcoin, Ethereum, and Dogecoin via Coinbase as payment for cloud services.
Ethereum Price Prediction – Will ETH Fall Back to $800 Again?
The current price of Ethereum is $1,282.17, with a 24-hour trading volume of $9.7 billion. In the last 24 hours, Ethereum has dropped 2.02%. With a live market cap of $157 billion, CoinMarketCap currently ranks second.
On the technical front, the ETH/USD pair has broken through a symmetrical triangle pattern at $1,303, and candles closing below this level are likely to drive a bearish trend.
Ethereum may retrace back to retest the psychological level of $1,300, and failure to break above this level will confirm the continuation of the downtrend.
On the downside, ETH’s immediate support remains at $1,260, and a break below this can open the door to selling units at $1,220.
An increase in selling pressure can cut through the $1,220 level, but it is unlikely to send ETH below $800, as the $1005 will act as strong support along the way.
Meme Coin Alternative – Tamadoge
Tamadoge, the meme coin, continues to remain in highlights as it’s considerably more likely to reach $1 than any other meme coin because of its massive surge after its September listing. The price of TAMA has decreased since its all-time high of $0.1940, but Etherscan data shows that the number of holders hasn’t changed much.
At the project’s peak, there were about 28,000 holders. Now, there are only about 26,000 holders, which shows that many investors have sold some of their holdings but still have a stake in the project. Tamadoge’s ecosystem, which includes a play-to-earn game and NFT ownership, is more useful and has a much smaller supply than DOGE and SHIB.
The project has a maximum supply of 2 billion TAMA, a 5% burn mechanism for the play-to-earn game Tamadoge, and is 275,000 times smaller than SHIB.