Ethereum

Ethereum (ETH), the world&#39;s second-largest cryptocurrency by market cap, could soon breach the $1,900 mark as transaction fees tumble to a remarkable $2.45 on average, as revealed by the on-chain analytics firm Santiment. ETH traded marginally higher than the previous day at $1,868.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/3e9f0516d6ea42399b8a96e9aa7cd17c.png" />Following a brief interval when the average transaction fee on the Ethereum network climbed to $7.40, it has now plummeted to $2.45. These fees were sourced from ETH and WETH transactions within 24 hours. The substantial reduction in Ethereum&#39;s average transaction fee, commonly called the gas fee, came after a sudden 57% spike in the first week of July. This was largely attributed to VMPX, a novel cryptocurrency operating as an ERC-20 and BRC-20 token.On July 7, analytics provider IntoTheBlock <a href="https://twitter.com/intotheblock/status/1677242237426581504" rel="noopener noreferrer nofollow">reported</a> that Ethereum fees had soared by more than 50% in the past week, with VMPX contributing 18% of the gas consumption. The report showed that the Ethereum network generated total fees of $47 million within the same period. ETH price faced hurdles after peaking at $1,976 on July 3, hampered by concerns including a potential uptick in future interest rates and a tightening regulatory landscape for digital currencies.Investment firm CoinShares <a href="https://blog.coinshares.com/volume-139-digital-asset-fund-flows-weekly-report-33b877f6baee" rel="noopener noreferrer nofollow">reported</a> that Ethereum received inflows of $2.9 million last week, indicating a slight uplift in investor sentiment. The Relative Strength Index (RSI) is hovering near the midpoint, while both moving averages have levelled out, signifying a balance between supply and demand.Read full article at<a href="https://cryptotale.org/ethereum-eth-on-the-cusp-of-price-surge-as-transaction-fees-plunge-to-new-lows/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Ethereum (ETH) on the Cusp of Price Surge as Transaction Fees Plunge to New Lows

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