Despite Rally to $250, Ethereum Was Just Dealt This Fundamental Blow

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Like most of the cryptocurrency market, Ethereum has performed well over the past few days. This strength culminated in a rally to the crucial level of $250 on Wednesday, as depicted in the chart seen below. Chart of ETH’s price action over the past seven weeks from TradingView.com The ongoing surge has been quick to flip cautious investors into bulls. One trader postulated that ETH is now on track to hit $300, citing the bullish break of its market structure and its outperformance of BTC. Yet some fear that the asset may underperform due to fundamental reasons, namely that Ethereum transaction fees are at extremely high levels. Ethereum Transaction Fees Spike, Hurting Bull Case: Analysts According to the screenshot below of ETH Gas Station, a data site showing Ethereum transaction fee data, the “gas price” recently hit 73 Gwei. This means that transaction fees were temporarily at their highest levels…

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