Ethereum Fees Drop to Their Lowest for the First Time in Months Analysts pointed to a number of factors that could have contributed to this. including the emerging downtrend and the losing market momentum. As a result, the gas fee was reduced accordingly. And the latest decline is found that it has already reached its lowest point in 6 months.
ETH Fee lowest in 6 months
Ethereum Gas Fees for the Last Three Months It shows a consistent downtrend. by the fee The average fell to a low of $5.98 in early March. This was the lowest gas fee in seven months. However, a surge in gas fees in early April sent it up sharply to a high of $43 again. This proved that the situation was only temporary. The downtrend appears to have sent ETH Gas fees plummeting to six-month lows.
During Monday (April 18), the Ethereum Gas fee had dropped to an average of $8.78, representing a 76% drop in fees from its April peak. In addition, lower ETH Gas fees resulted in lower fees for Layer 2 rollups. The fees are much lower than the cost of transactions on the main network.
The fees recorded at the lowest point were down to just $0.03 per transaction on Sunday, for Metis, along with other networks such as Loopring and Zksync, have seen transaction fees drop to as low as $0.05.
Bitcoin transaction fees have also decreased. The average transaction fee as of Monday was $1.04.
Price of Ethereum
The current downtrend doesn’t seem to just bring down transaction fees. but also the price of the coin This was seen as the price of Ethereum dropped below $3,000 early Monday. And at the time of writing this report, there has been a slight recovery.
Ethereum is currently trading below the 50-day moving average, which has pushed Ethereum’s short-term price forecasts back into a downtrend for most traders. And as for the long-term outlook, it doesn’t look very good. The digital asset is trading at $2,909 at the time of writing the report.