Glassnode notes that transaction fees on the Ethereum network are close to record levels.
The situation looks likea repeat of the 2017 bull run whentransaction fees have been on the rise following price spikes. Ethereum gas fees hit a new all-time high of $ 898,000 in one day, according to Glassnode. This happened against the backdrop of a jump in the price of a digital asset to $ 1,000 in 24 hours.
Rising fees are making it prohibitively expensive and inefficient to use DeFi projects like Uniswap.
Experts are confident that as theof the amount of ETH in the Eth2 contract, the price of ETH should rise, and fees will rise behind it. In addition, the upcoming launch of CME Group Ether futures (Feb 8) should help ETH continue its impressive price rally.
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