Ethereum gas fees drop to 2022 lows, ETH might be bottoming
The average gas fee on Ethereum stands at $1.13, the lowest since November 2022. Subsequently, some analysts believe Ethereum’s native cryptocurrency, Ether (ETH), might be forming a bottom similar to the one in late 2022 based on on-chain data. According to an X post by analytics firm Santiment, this week’s average fee level on Ethereum reached $1.13, the lowest since November 2022, when ETH formed a bottom at $1,100. You might also like: Ethereum futures ETFs on CME begin with light trading volumes Analysts noted this is “not a perfect signal by any means.” However, they admitted that lower fee costs “generally lead to a rise in utility and price rebound.” #Ethereum's network has been particularly cheap to use, and this week's average fee level of $1.13 is the lowest since November, 2022. Though not a perfect signal by any means, lower $ETH costs generally lead to a rise in utility and price rebound. https://t.co/ymXFwGJh4...