- ETH/USD dips below $231 after a massive collapse from a $250 rejection.
- Bulls need to hold $225.62 to maintain the daily uptrend.
Ethereum has lost most of its gains on June 22 after a significant price collapse to $231. Buyers are holding the daily 26-EMA at $232 for now but there is a significant risk of losing $230 and re-testing the low of June 20 at $225.62.
Are high fees driving investors away from Ethereum?
Ethereum has experienced a notable increase in its fees over the past few months. The median transaction fee on ETH was less than $0.05 back in April 2020. The current median is a whopping $0.271 fee per transaction which is getting dangerously close to Bitcoin’s median number of $0.63.
Of course, many investors and Ethereum enthusiasts are hoping that Ethereum 2.0 will solve this issue but the update could still take months to get deployed.
ETH/USD technical levels