Transaction charges on the Ethereum blockchain have skilled a big spike up to now 24 hours, similtaneously ETH worth exceeded $3,700, a two-year excessive.

The event comes because the U.S. Securities and Change Fee (SEC) delays rulings on a number of pending Spot ETH exchange-traded fund (ETF) functions.

The hovering worth of Ethereum coincides with the hovering community charges.

Over the previous day, the value of ETH has elevated by about 7% to round $3,720 on the time of writing, its highest worth degree since early 2022.

The blockchain community displays a resurgence within the broader cryptocurrency market that has pushed the value of Bitcoin above $67,000, a surge that has taken ETH's complete acquire over 60% over the previous month. .

Nevertheless, Ethereum community gasoline costs skyrocketed throughout this worth upward trajectory, reaching a median peak of 79 Gwei and peak price reaching 219 Gwei, in keeping with EtherScan knowledge. A number of Ethereum customers took to social media to decry the excessive charges and the way they affected buying and selling actions corresponding to token swaps and borrow transactions.

Notably, in keeping with Cryptofees knowledge, this charge hike resulted in complete community charges exceeding $33 million in at some point, a threefold enhance in comparison with the start of the 12 months.

In the meantime, market members identified that the approaching Dencun improve might deal with the difficulty of those excessive charges. This improve is anticipated to deal with Ethereum's historic points corresponding to gradual transaction speeds, restricted throughput, and excessive charges.

Ethereum ETF choice revealed because of SEC delay

Regardless of Ethereum’s spectacular rally, the SEC additional delayed its choice on the BlackRock and Constancy Ethereum ETF functions.

Regulators are looking for public touch upon potential fraud and manipulation dangers related to Spot ETH ETFs, and are additionally elevating questions on Ethereum's proof-of-stake consensus mechanism.

In the meantime, market members stay divided on whether or not regulators ought to give the inexperienced mild to Ethereum ETFs, so the SEC's choice is no surprise. Trade insiders say the SEC stays cautious about cryptocurrencies regardless of lately approving a spot Bitcoin ETF.

However, main crypto gamers corresponding to Coinbase are insisting on approval of the ETH ETF.