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Home»ETHEREUM NEWS»Ethereum Network Becomes Cheapest in 6 Months: What It Means
ETHEREUM NEWS

Ethereum Network Becomes Cheapest in 6 Months: What It Means

By Crypto FlexsApril 30, 20243 Mins Read
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Ethereum Network Becomes Cheapest in 6 Months: What It Means
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Ethereum transaction fees are at their lowest since October 2023, according to on-chain data. Here’s how this affects cryptocurrencies:

Ethereum transfer fees recently dropped to $1.12.

According to data from on-chain analytics firm st tly, the average fees on the Ethereum network have recently fallen to low levels. The fee here naturally refers to the amount of money that every sender must attach to the transaction as compensation to the blockchain for processing the movement.

The fee that investors need to add to expedite the transfer depends on the network situation at the time. During periods of high activity, competition to process transactions quickly can be fierce, so users in a hurry may have to pay fees high enough to beat this traffic.

Therefore, average fares tend to be higher during these periods of congestion. Likewise, during periods of little activity, users can get away with paying only a small amount. Due to this relationship, the average fee can look at the demand that currently exists among users to use the Ethereum network.

The chart below shows how average fees on the Ethereum blockchain have changed over the past year.

The value of the metric seems to have been going down in recent days | Source: Santiment on X

As shown in the graph, Ethereum average fees have surged with this year’s rally, reaching a high of $15.21 last month. Interestingly, these fee peaks occurred near the peaks of the prices of the assets themselves.

“Traders historically move between sentimental cycles where they feel a cryptocurrency is ‘reaching the moon,’ and sentimental cycles where they feel ‘it’s dead,’ which can be observed through trading fees,” the analytics firm says.

Historically, markets have tended to move contrary to majority expectations, so periods of high commission when FOMO sets in tend to lead to highs in price. Therefore, the patterns seen over the past month will be consistent with those observed in the past.

If you look at the chart, you can see that Ethereum fees have been falling along with the price since the peak. Recently, the indicator continued this cooldown, falling to a current low of $1.12.

This is the network’s lowest price since October of last year. Just as high fees can lead to highs, low demand can lead to lows for cryptocurrencies.

“With the market largely recovering over the past six weeks, the lack of demand and strain on the network may help ETH and related altcoins shift away sooner than many people expect,” Santiment explains.

ETH price

Ethereum recovered to $3,350 yesterday, but the asset appears to have already reverted this surge, as it has now fallen to $3,170.

Ethereum price chart

Looks like the price of the coin has gone through a rollercoaster over the past couple of days | Source: ETHUSD on TradingView

Kanchanara from Unsplash.com, featured image from Santiment.net, chart from TradingView.com

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