Ethereum Tweet Volume at An All-time High as $1k Holds for ETH

Summary:

• Ethereum’s tweet volume is at an all-time high
• This comes after Ethereum’s price broke the $1,000 ceiling that is now acting as support
• High ETH gas fees is also another reason that Ethereum conversations on Twitter are high

The amount of discussions on Twitter surrounding Ethereum is at an all-time high. This is according to data from the team at The Tie who pointed out that Ethereum’s tweet volumes are smashing all-time highs. The team shared their observation via the following tweet that also pointed out that the Ethereum tweet volume had doubled in one day.

#Ethereum Tweet volumes are smashing all-time highs.

There are more than double as many ETH tweets (41K) over the last 24 hours than any other time in the tokens existence. pic.twitter.com/hrh6W9htMK

— The TIE (@TheTIEIO) January 4, 2021

Ethereum Breaks and Holds $1k

The increased Twitter discussions surrounding Ethereum come at a time when the digital asset has confidently broken the $1,000 price ceiling and turned it into support. The latter level was broken on Sunday, January 3rd when ETH posted a 2 year high of $1,163 – Binance rate. Ethereum went on to drop to the $888 support zone a few hours later and has since reclaimed the $1k price level as support.

The daily ETH/USDT chart is still exhibiting bullishness although the daily MFI and RSI are high at 89 each. This, in turn, could mean that Ethereum will most likely attempt to maintain its head above the $1k price in the days to follow. However, in the scenario whereby Ethereum’s $1k support fails, the following price areas should offer additional support on a macro level.

Ethereum Gas Fees Also at All-time High

Another reason for the high Ethereum tweet volume is the fact that ETH gas fees are once again at an all-time high. Yesterday saw Ethereum gas fees go as high as $17.43 as seen in the following chart courtesy of YCharts.com.

ETH Network Fees as High as $155

The high cost of transacting on the Ethereum network resulted in the CEO of Binance, Changpeng Zhao, commenting on how expensive it was to do so. Mr. Zhao took the opportunity to remind crypto developers and users that transactions on the Binance Smart Chain cost way less and were compatible with the Ethereum network.

His exact comment can be found below.

#ETH network fees are $155 per transaction. #BSC network fees are $0.15 per transaction, and 100% compatible.