• Ethereum gas fees on Layer2 chains witnessed a massive plunge.
  • ETH enthusiasts can now complete large transfers with a $0.1 fee per transaction.
  • zkSync charges $0.1 for ETH transactions, whereas each swap costs $0.16.

Ethereum (ETH) is the 2-nd largest crypto coin in the market cap, and developers have used its blockchain platform to build multiple DeFi projects, minting NFTs and developing dApps. Nevertheless, the Ethereum platform charges high gas fees, which investors pay to compete for each transaction. However, that narrative changed recently.

Gas Price Reduction as Growth Catalyst

On 25 February, the community discussed how zkySync deployment would impact Ether’s value. ETH fees on layer2 chains saw a massive fall after the overall reduction of transfer charges within the entire Ethereum blockchain. Now, Ethereum enthusiasts need $0.1 to pay fees whenever handling large ETH transactions.

zkSync allows Ether transfers for less than $0.1, whereas swaps cost around $0.16 each. Moreover, the average fee of moving Ether on different layer chains stands near $0.5. Web3 investor Evan Van Ness tweeted this information on 5 March, mentioning how Ethereum will only flourish. That can mean Ethereum blockchain gaining more interest, translating to price surges for Ether.

Should You Purchase ETH?

Ethereum traded around $2,527.97 on 7 March 2022. However, we need to evaluate the token’s performance over the past month and its reactions towards its ATH to understand current bias. Ethereum touched its ATH on 10 November 2021, when the alt explored the $4,878.27 mark. That way, ETH’s current value reflects a 93% plunge for Ether. Moreover, the altcoin hit its lowest level on 24 February, at $2,336.87.

Nevertheless, Ethereum gained 8% from 24 February to 7 March. For now, analysts predict further surged to $2,800 before March-end, making Ether a lucrative buy.

Where to Buy ETH Now?

You need a reliable and low-fee trading platform to invest seamlessly in the crypto market. Some of the brokerage platforms you can use include:

  • eToro: Top-notch services that have attracted more than 13 million users globally.
  • bitFlyer: Regulated and easy-to-use broker, suitable for newbie and experienced investors.