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Ethereum

Ethereum prices skyrocket but Ether Gas Fees surge, fueling costly transfers

On October 29, 2021, the second-largest crypto asset in terms of market valuation, ethereum, reached an all-time price high at $4,467 per unit. The ether gas prices have risen significantly since the Altair upgrade to Ethereum’s network.

As Ethereum Tests New Price Highs, the Average Ether Transfer Fees Onchain Skyrocket

The two most valuable crypto assets in terms of market valuation have struggled with high transfer fees for years. However, this month Ethereum’s average network fee according to bitinfocharts.com data is approximately 0.000000On Saturday, October 30, bitcoin’s (BTC) average network fee according to bitinfocharts.com data shows BTC fees are around 0.00000015 BTC per byte or $3. 15 per transaction. Per transaction

While Ethereum Prices Skyrocket, Ether Gas Fees Surge Fueling Costly Transfers
Data from bitinfocharts.com.

The same web portal tracking ethereum (ETH) gas fees notes that to move some ether, it’ll cost around 0. 012 ETH or $50. 53 per transaction. The data shows that on Saturday morning, ETH fees are 1,504% higher than BTC network fees. Data stemming from the website l2fees.info are a bit more modest in comparison to bitinfocharts.com’s metrics. At the time of writing, to move ethereum it’ll cost $18. 45 per transaction. Per transaction

While Ethereum Prices Skyrocket, Ether Gas Fees Surge Fueling Costly Transfers
Data from l2fees.info.

Transferring Ethereum-based tokens or swap tokens via smart contracts is more expensive. The transfer of token fee according to l2fees.info on Saturday is $43. 13 per transaction and over $94 to swap tokens by interacting with a smart contract. The lowest ether transaction fee of $18. 45 is still 485% higher than the average BTC transfer today.

Second-Layer Ether Transaction Costs and Swap Token Fee Estimates

Moving ethereum with a second-layer mechanism like Arbitrum or Polygon Hermez is much cheaper to use than onchain ETH transfers on the main network. Transactions using Polygon Hermez-based Ethereum transactions cost $0. 25 per transfer, while Loopring’s Zkrollup L2 solution is $0.74. Zksync costs $1 per user. 03 per send and leveraging Arbitrum One is around $4.21. Today’s fee for EVM-compliant Optimistic Rollup chain Optimism is $4. 31 per transaction. Per transaction

Using Loopring to swap tokens on Saturday is also cheaper than the $94 average cost using Ethereum’s mainnet. Loopring charges $1 for swap tokens. 07, Optimism’s fee to swap tokens is $5. 54, and Arbitrum fees to swap tokens can cost $7. 29 according to today’s metrics hosted on l2fees.info. As ETH has reached an all-time high, onchain fees are higher than usual following the Altair upgrade, which preps Ethereum for the next proof-of-stake (PoS) transition.

What do you think about Ethereum network fees rising in recent times? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons, bitinfocharts.com, l2fees.info

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Ethereum Foundation Converts 1,000 ETH to Stablecoins in a $4.46M Cowswap Maneuver

This week, the Ethereum Foundation decided to mix things up, cashing out 1,000 ether for stablecoins through Cowswap to bankroll research, development, and grants. The foundation pulled off the swaps over the past day, slicing the conversions into four clean, calculated transactions. Ethereum Foundation Turns $4.46M in ETH Into Stablecoins On Friday…
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Ethereum

Ethereum Whispers ‘Breakout’—But Will It Scream Past $4,600?

Ethereum’s holding steady at a confident $4,500, with a market cap of $543 billion and a crisp 24-hour trading volume of $36.86 billion. But don’t get too relaxed—its intraday range from $4,446 to $4,583 shows this crypto’s still got some tricks up its sleeve to keep traders on edge…
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Ethereum

Crypto Price Analysis October-03: ETH, XRP, ADA, BNB, and HYPE

This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.

Ethereum (ETH)

Ethereum had an excellent week after its price rallied by 14%. This allowed it to move close to $4,500, which may offer the required support to re-test the key resistance at $5,000. With sellers exhausted, buyers are back in control.

Bitcoin also made sustained gains this week, which primed the market for higher levels. This can boost the momentum of Ethereum, which is turning bullish again. 

Looking ahead, a clear breakout above $5,000 would place ETH in price discovery and allow it to run much higher quickly. Should that happen, key targets are found at $6,000 and $7,300. 

Ripple (XRP)

XRP closed the week 11% higher, which took the price above $3. This is a psychological level that can act as support in the future and provide a base for new highs with key targets at $3.2 and $3.6.  

To capitalize on this momentum, the bulls will have to push this cryptocurrency to make higher highs. That would imply a price level of $3.2 and above. 

Looking ahead, XRP appears to be finishing its consolidation between $2.7 and $3 and is ready for higher levels. If so, the ATH at $3.6 could be a major magnet for buyers in the last quarter of 2025.

Cardano (ADA)

Cardano also had a good week after it managed to hold above the support at $0.77 and closed with an 11% gain. This puts buyers back in charge, but their biggest test awaits at the $0.90 resistance.

The bullish momentum is not quite there yet to break the key resistance, but if the overall market remains bullish, a breakout is only a matter of time. If successful later, then ADA has a real chance to trade above $1 again. 

Looking ahead, October started with a bang as most cryptocurrencies are in green. Cardano also appears poised for new highs if buyers can push it beyond $0.90.

Binance Coin (BNB)

Binance Coin appears unstoppable after it made a new price record at over $1,100. This allowed it to close the week with a 16% gain, making it one of the strongest digital assets in 2025. 

The most important resistance, at this time, is found at $1,200, and the price could easily reach that in the coming days if this bullish momentum is sustained. That’s only an 8% price increase at the time of this post. 

Looking ahead, this cryptocurrency is well-positioned to capitalize on the enthusiasm across the market that appears to be forming in the last quarter of the year. If $1,200 is broken later, look towards $1,500 next. 

Hype (HYPE)

This week, HYPE finally completed its correction and managed to briefly visit $50 after a sustained rally that saw its price increase by 15%. With sellers gone, this cryptocurrency has already recovered most of its recent losses.

To be confident in this rally, HYPE has to claim $50 and defend it as support. If successful, then it has a real shot at revisiting its all-time high at $60.

Looking ahead, despite the volatility, the price continues to show a lot of strength. Even if attention was briefly directed towards other decentralized exchanges, this did not last, and liquidity returned to Hyperliquid, which is now reflected in its token price as well.

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Cryptocurrency charts by TradingView.

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