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

Transaction fees connected the Ethereum blockchain experienced a important surge successful the past 24 hours, coinciding with ETH’s terms surpassing $3,700, marking a two-year high.

This improvement comes amid the US Securities and Exchange Commission’s (SEC) hold successful ruling connected aggregate pending spot ETH exchange-traded money (ETF) applications.

Ethereum’s terms spike coincides with precocious web fees

During the past day, ETH’s terms jumped by astir 7% to astir $3720 arsenic of property time, its highest terms level since aboriginal 2022.

The surge brings ETH’s full rally to implicit 60% during the past month, arsenic the blockchain web mirrors a broader crypto marketplace revival that has propelled Bitcoin’s price to much than $67,000.

However, Ethereum web state prices soared amidst this terms upward trajectory, hitting an mean highest of 79 gwei, with highest costs reaching arsenic precocious arsenic 219 gwei, according to Etherscan data. Several Ethereum users took to societal media to decry the precocious fees and however it impacted their trading activities, including token swaps and borrowing transactions.

Remarkably, this surge successful fees saw the full web fees surpassing $33 cardinal successful a azygous day, a threefold summation compared to the opening of the year, according to data from Cryptofees.

Meanwhile, marketplace observers noted that the impending Dencun upgrade could code these precocious interest challenges. This upgrade is anticipated to tackle Ethereum’s humanities issues of sluggish transaction speeds, constricted throughput, and precocious fees.

SEC’s delays spot Ethereum ETF decision

Despite Ethereum’s awesome surge, the SEC has further delayed its determination connected BlackRock and Fidelity Ethereum ETF application.

The regulator is seeking nationalist comments connected the imaginable fraud and manipulation risks associated with a spot ETH ETF and has besides raised questions astir Ethereum’s proof-of-stake statement mechanism.

Meanwhile, the SEC’s determination is unsurprising arsenic marketplace participants stay divided connected whether the regulator would greenlight Ethereum’s ETF. Industry insiders accidental the SEC remains cautious astir cryptocurrencies contempt its caller support of a spot Bitcoin ETF.

Nevertheless, large crypto stakeholders, specified arsenic Coinbase, person advocated for the support of ETH ETFs.

The station Ethereum terms hits two-year precocious arsenic web fees soar, SEC stalls connected ETF decision appeared archetypal connected CryptoSlate.