Ethereum price hits two-year high as network fees soar, SEC stalls on ETF decision

Transaction prices on the Ethereum blockchain skilled a essential surge in the previous 24 hours, coinciding with ETH’s designate surpassing $3,700, marking a two-three hundred and sixty five days high.

This constructing comes amid the US Securities and Exchange Commission’s (SEC) lengthen in ruling on a couple of pending attach of abode ETH trade-traded fund (ETF) applications.

Ethereum’s designate spike coincides with high network prices

In some unspecified time in the future of yesterday, ETH’s designate jumped by roughly 7% to round $3720 as of press time, its most realistic designate stage since early 2022.

The surge brings ETH’s total rally to over 60% all the way by the previous month, because the blockchain network mirrors a broader crypto market revival that has propelled Bitcoin’s designate to larger than $67,000.

However, Ethereum network gasoline prices soared amidst this designate upward trajectory, hitting a median peak of 79 gwei, with peak prices reaching as high as 219 gwei, per Etherscan data. Numerous Ethereum customers took to social media to decry the high prices and the way it impacted their procuring and selling activities, along with token swaps and borrowing transactions.

Remarkably, this surge in prices seen the total network prices surpassing $33 million in a single day, a threefold fabricate bigger in contrast with the starting up of the three hundred and sixty five days, per data from Cryptofees.

In the period in-between, market observers properly-known that the upcoming Dencun beef up would possibly maybe maybe maybe tackle these high rate challenges. This beef up is anticipated to kind out Ethereum’s historical considerations with sluggish transaction speeds, shrimp throughput, and high prices.

SEC’s delays attach of abode Ethereum ETF decision

In spite of Ethereum’s impressive surge, the SEC has further delayed its decision on BlackRock and Fidelity Ethereum ETF software.

The regulator is making an try to uncover public comments on the capacity fraud and manipulation risks related with a attach of abode ETH ETF and has also raised questions about Ethereum’s proof-of-stake consensus mechanism.

In the period in-between, the SEC’s decision is unsurprising as market contributors reside divided on whether or no longer the regulator would greenlight Ethereum’s ETF. Industry insiders reveal the SEC remains cautious about cryptocurrencies no topic its present approval of a attach of abode Bitcoin ETF.

However, predominant crypto stakeholders, equivalent to Coinbase, enjoy advocated for the approval of ETH ETFs.