Ethereum transaction fees fall to lowest since July, data shows
On-chain analytics platform Saniment reports that Ethereum network transaction fees have fallen to their lowest since late July 2021. Ethereum’s price fell to $2,857 on February 12 before a slight rebound to $2,927, where it is currently trading.
According to Santiment, Ethereum’s median fees have dropped below $3, indicating that demand for Ethereum transactions has remained low. Lower transaction costs and increased scalability are expected to improve Ethereum’s investor outlook. As a result, low fees usually increase the possibility of a bounce for the Ethereum price.
Ethereum co-founder Vitalik Buterin recently discussed a “near future hard fork” that would include “blob-carrying transactions.” Although Ethereum Layer 1 may continue to be expensive, improved scalability and zero-knowledge (zk) rollups may offer users the lowest fees. Users would end up relying solely on zk aggregates rather than directly interacting with the Ethereum network.
Before sharding, the proposed solution will provide temporary relief from scalability concerns and transaction fees on Layer 2 rollups.
According to experts, the new proposal of “blob-bearing transactions” could be adopted during the Shanghai hard fork. The new transaction structure, according to Buterin, would be tied to the beacon block and consensus nodes.
Ethereum price
Ethereum’s price rose to highs of $3,284 on Feb. 10 before suffering a rejection. ETH subsequently fell below the $3,000 psychological level to mark lows at $2,857 on Feb. 13 before a slight rebound. However, if buying pressure increases, Ethereum’s price might aim to tag $3,123 next.
Alternatively, if the sell does come back, the first line of defense for Ethereum price is $2,855. Additional anchors may emerge at $2,772 and then $2,722.
