Ethereum Gas Fees Falls To Record Low, Price Consolidates Around $1,000
July 04 2022 - 12:28PM
NEWSBTC
After reaching a level last seen in November 2020, the average
Ethereum gas fee is now below $1. Ethereum Gas Fees Falls The
Ethereum network experienced transaction fees as low as 69 cents on
Saturday, which has not happened in the previous 19 months. The
following day, gas prices reached $1.57 or 0.0015 ETH, which is
equivalent to December 2020’s numbers. Transaction costs on the
network today ranged from 20 cents to merely 20 cents, with 20
cents being the highest. Gas prices in the Ethereum ecosystem
ranged from $0.01 to $0.10 from July 2016 to May 2017. Users are
now assessed a substantial cost; in May 2021, average transaction
fees reached $69 per transaction. The highest gas price ever
observed was $196.683 in May 2022. Notably, the Ethereum blockchain
has struggled to become widely used, much to the chagrin of users,
due to the high cost of gas or network fees, payments necessary to
complete a transaction on a blockchain. NFT holders are seen
profiting from the decline as the numbers dwindle. Source: Bitinfo
charts DappRadar reports that 50,466 people have traded their
assets in OpenSea, up 10.14 percent from the previous day. At the
time of writing, the largest NFT market’s trading volume increased
by 34.18 percent to $15.92 million. All of the top 20 collections,
led by Ethereum Name Service, DopeApeClub, God Hates NFTees, Bored
Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC), were
transacted within Ethereum, according to data from DappRadar.
Related reading | TA: Ethereum Close Below $1K Could Spark Larger
Degree Downtrend Price Slumps Further The analysis of the price of
ethereum is bearish due to consolidation near $1,050 and rejection
of further recovery. As a result, ETH/USD is prepared to decline
even further and surpass the $1,000 local support. After that is
finished, the prior swing low at $900 should be challenged the
following week. The decline approached the $1040–$1000 area that
serves as a close support and was accompanied by a sharp increase
in demand pressure. The numerous smaller price rejection candles at
this point represent attempts by sellers to break through this
support that were unsuccessful. Therefore, the renewed positive
momentum could encourage buyers to again attack the overhead
barrier of $1260, providing ETH holders with a chance for a
recovery. ETH/USD consolidates above $1k. Source: TradingView At
the start of the week, a significant new swing bottom was
established in the price movement of ethereum. After falling by
more than 21%, the price of ETH/USD hit a new low at $1,000. From
then, a swift upward reaction continued to the $1,115 level, where
Friday’s rejection of further recovery was observed. Following
sideways consolidation, lower local highs and lows were set. Since
then, the $1,050 level has functioned as the main trading range,
with this morning’s denial of further gains. As a result, ETH/USD
is prepared to drop even more and try to surpass the current low of
$1,000. If the traders continue to be persuaded by the sellers to
break through the bottom support, the next decline could drive the
price of ETH down by 12.56% to $880. Related reading | Ethereum
(ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets Featured
image UnSplash, chart from TradingView.com
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