The average cost of transferring Ethereum (ETH) has dropped to $0.41, a significant decrease from the peak of $15.21 seen in the past two years. Low gas fees suggest that the network is not overcrowded, which is a positive sign for Ethereum's price outlook in the medium to long term. Lower transaction costs make it easier for new buyers to enter the market during times of price stagnation or negative sentiment. Furthermore, the recent approval to raise the gas limit to over 30 million on the Ethereum network could further reduce congestion and lower fees. Despite a 2% drop in Ethereum's price, trading volume has increased by 10%, indicating rising investor interest. Additionally, over $60 million worth of ETH has moved off of exchanges, potentially indicating long-term holding and reducing selling pressure. However, cautious sentiment among intraday traders is reflected in the high amount of short positions. The SEC's ruling on spot Ethereum ETFs with staking integration remains a potential catalyst for ETH, as approval could drive institutional inflows. Ethereum's decentralized exchange activity has surged, with $2.62 billion in trading volume in a 24-hour period. The network is gradually catching up to Solana, which has faced criticism over recent meme coin rug pulls.



Other News from Today