Ethereum (ETH) Eyes $2200 As the ETH Gas Fee Drops to A Five-Week Low

The world’s second-largest cryptocurrency Ethereum (ETH) has registered a strong move over the last weekend hitting its all-time high of $2162. At press time, Ethereum (ETH) continues to trade at $2148 with a market cap of $247 billion and is eyeing a move above $2200 in a short time.

The ETH funding rate, the lack of sell-side pressure, the declining daily deposits are all positive indicators pointing to a northward rally in the ETH price. As CoinGape reported, the amount of ETH supply at the exchanges has dropped to a 38-month low and moved below 19% of the total ETH supply.

This is because a large number of ETH coins have been moving either to cold storage, into DeFi or at the ETH 2.0 deposit contracts. Over the last weekend, the total value locked in ETH 2.0 deposit contracts has moved past $8 billion.

One more Positive Trigger to Ethereum (ETH) moving past $2200 levels is the Ethereum gas fee has dropped to its lowest levels over the last five weeks. The average fee on the Ethereum network has dropped to a low of $11.08 which is the lowest since March 5th, reports Santiment.

Courtesy: Santiment

Competing With the Binance Smart Chain (BSC)

With the exploding DeFi activity over the last few months, the Binance Smart Chain (BSC) has been closely competing with Ethereum (ETH) and processing nearly 4x transitions than the latter. This happened as the Ethereum network was highly congested with gas fees shooting new highs.

However, the fears of the rising gas fee have been alleviated for now with the latest cool down in the prices. Moreover, despite BSC’s fast growth, Ethereum still continues to dominate the DeFi space. The total value of DeFi coins locked on Ethereum is 3x that of the Binance Smart Chain (BSC).

Track value locked on Ethereum and Binance Smart Chainhttps://t.co/2v2VhI2l1O pic.twitter.com/iopOf3V6fZ

— The Block (@TheBlock__) April 11, 2021

The good thing to see is that both – BNB and ETH – are currently trading at their all-time highs. With its latest price surge and valuations approaching $250 billion, Ethereum (ETH) has entered the list of top-40 assets by market cap. The world’s second-largest crypto has flipped some of the biggest corporations like Netflix (NFLX), Coca-Cola, Exxon Mobil, Verizon, and others.

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