Ethereum, the second largest blockchain among other crypto projects, is reviving as of the beginning of 2023. The Ethereum rebound owes to the blockchain’s significant decrease in transaction fees from $60 in November 2021 to below $2 at the time of writing the article. The reduction of transaction fees can be attributed to the blockchain’s change of consensus from proof-of-work to proof-of-stake. Furthermore, Ethereum has excellent capacity in regards to hosting dApps. Several projects had left Ethereum for similar, less expensive blockchains because of the high gas fees. According to Santiment, considering the blockchain’s use cases and the low transaction fees, we can expect more projects to use Ethereum and increase the demand for ETH. Resultingly, we can hope the Ethereum rebound continues on a steady pace and reach its ATH at $4,858 soon.
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