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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Ethereum Transaction Fees Near Six-Month Low Amid Declining Prices

Best Owie
Best Owie
3 years ago
2 mins read
Ethereum gas fees

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Ethereum gas prices have been declining for a while now. It had risen to its all-time high back in 2021 when the bull market was in full bloom. It then continued to maintain on the high spike, spiking at various intervals to high points. At its highest, average ETH gas fees were as high as $69. However, with the recent downtrend and the market losing momentum, the gas fees have crumbled and the recent decline has seen its near six-month lows.

Ethereum Fees Are Down

Ethereum gas fees for the last three months showed a consistent downtrend that saw average gas fees decline as low as $5.98 in early March. This had been the lowest that gas fees had been in seven months at this point. However, a spike in gas fees in early April would quickly put an end to this sending gas fees as high as $43 once more. This would prove to be only temporary given that the sharp downtrend that followed has sent ETH gas fees to plummet towards six-month lows.

Related Reading | DeFi Stablecoin Platform Beanstalk Suffers ~$80M Hack

As of Monday, Ethereum gas fees had declined as low as $8.78 on average. It represented a 76$% drop from its April high to put it in levels recorded in early March. The drop in ETH fees has also translated to a drop in the fees of Layer 2 rollups which boast significantly lesser fees than it costs to transact on the main network. 

The lowest recorded fee rate had dropped to as low as $0.03 per transaction on Sunday recorded on Metis Network. Others like Loopring and Zksync had seen transaction fees slide to as low as $0.05.

Bitcoin fees had also fallen and the average transaction fee as of early Monday sat at $1.04.

Ethereum price chart from TradingView.com

ETH On The Charts

The current downtrend seems to be prominent in not just the transaction fees but the price of the digital asset. Ethereum price had crashed below $3,000 in the early hours of Monday, and while small recoveries were made, various dips saw the digital asset touch the $2,800 price range before the opening of the markets on Monday.

Related Reading | TA: Ethereum Slides Below 3K, Why Bears Could Aim $2.5K

With selloffs rocking the market, indicators had turned inherently bullish for the digital asset, skewing completely in favor of the sellers. After breaking the $3,000 mark, the next major support level now lies at $2,900 although bears continue their efforts to drag it down lower. 

ETH has now fallen below the 50-day moving average. This puts the short-term forecasts of the cryptocurrency right in the negative for the majority of traders, and the long-term outlook is not looking good either. The digital asset is trading at $2,909 at the time of this writing.

Featured image from Shrimpy Academy, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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