The Average Gas Fee on Ethereum Hits Lowest Level Since November 2022
The average gas fee on Ethereum has dropped to $1.13, marking the lowest level since November 2022. Analysts are speculating that this could indicate a bottom formation for Ethereum’s native cryptocurrency, Ether (ETH), based on on-chain data. According to analytics firm Santiment, the decrease in average fees suggests a potential rise in utility and price rebound. However, analysts caution that this is not a foolproof signal. In the past week, ETH has seen a modest increase of 1.26%, with a current trading price of $1,637. Despite the positive movement, ETH’s trading volume has decreased by 12.2% in the last 24 hours, coinciding with significant outflows from centralized exchanges. This outflow has contributed to non-exchange ETH reaching an all-time high of 115.8 million ETH.
Hot Take: Ethereum Gas Fees Drop to Lowest Level Since November 2022
Ethereum’s recent drop in gas fees to its lowest level since November 2022 has sparked speculation among analysts about a potential bottom formation for Ether (ETH). While lower fees generally lead to increased utility and price rebound, experts caution that this is not a definitive signal. Despite this, ETH has experienced a slight increase in value over the past week. However, trading volume for ETH has dropped by 12.2% in the last 24 hours as significant amounts of ETH have been moved off centralized exchanges. This outflow has resulted in non-exchange ETH reaching an all-time high, suggesting that investors are holding onto their tokens rather than trading them on exchanges.
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