Ethereum Gas Fees Drops to Lowest Since July 2021

The Ethereum gas charge has decreased to a ten-month low of $2.54, according to on-chain analytics service Santiment.

Ethereum transaction costs have reached an all-time low of $2.54 per transaction. The price of $ETH has dropped to its lowest level since July. When average transactions fell below $5, $ETH prices began to climb (but not always).

During the current market crash, Ethereum (ETH), the world’s second-largest cryptocurrency, has seen a significant correction. While the price of Ethereum is now hovering around $2,000, on-chain data indicates that it will almost surely grow in the near future.

Ethereum (ETH) Is In An Accumulation Phase On-chain data suggests that Ethereum has been accumulating rapidly recently. The whale group of addresses with 10k to 100k ETH in their wallets has increased their balance from 28.3 million ETH in March to 29.0 million ETH as of days.

It implies the whales have spent roughly $1.4 billion for over 700,000 ETH. Currently, these whale addresses possess over a quarter of the total ETH supply.

The graph above shows the difference, with whales growing as prices fall. The behavior of regular Ethereum investors, on the other hand, has paralleled that of the whales. The number of Ethereum whale addresses holding 1 to 10 ETH has risen considerably throughout this period.

In the previous month and a half, the number of ETH whale addresses holding 1 to 10 ETH grew from 1.14 million to 1.19 million.

Following the latest price drop, industry experts predict a relief bounce in the bitcoin market. Ethereum might hit $2,300 in the near future if it can hold a daily closing price of over $2,000.

The price of ETH might reach $3,000 or even higher if the relief rally is supported by broader market improvements.