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<p class="is-style-lead">The average gas fee on Ethereum stands at $1.13, the lowest since November 2022.</p>
<p>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.</p>
<p>According to&nbsp;<a href="https://x.com/santimentfeed/status/1709659943383752716?s=20" target="_blank" rel="noopener noreferrer nofollow">an X post</a>&nbsp;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.&nbsp;</p>
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<p>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.”</p>
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   <p lang="en" dir="ltr">💸 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Ethereum</a>'s network has been particularly cheap to use, and this week's average fee level of $1.13 is the lowest since November, 2022. Though not a perfect signal by any means, lower <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> costs generally lead to a rise in utility and price rebound. <a href="https://t.co/ymXFwGJh49" target="_blank" rel="noopener noreferrer nofollow">https://t.co/ymXFwGJh49</a> <a href="https://t.co/PEGpXMmZ3q" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/PEGpXMmZ3q</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1709659943383752716?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 4, 2023</a>
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<p>When ETH sunk to 2022 lows, it wasn’t before May 2023 that the coin rallied to above $2,157. However, there are no direct indications that this scenario could be replaced.</p>
<p>In the past week, ETH rose 1.26% increase. The coin is changing hands at $1,637, according to CoinMarketCap&nbsp;<a target="_blank" href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">data</a>.&nbsp;</p>
<p>Despite the firmness, ETH’s trading volume has dropped in the last 24 hours, plummeting by 12.2% to $4.6 billion.</p>
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   <p lang="en" dir="ltr">😮 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Ethereum</a> saw about ~110K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> ($181M) move off of exchanges Wednesday, the largest outflow day since August 21st. The amount of non-exchange Ethereum now sits at an <a href="https://twitter.com/hashtag/AllTimeHigh?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#AllTimeHigh</a> 115.88M <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>, while its exchange supply is at its lowest in ~5.5 years. <a href="https://t.co/PUOWGt0KS0" target="_blank" rel="noopener noreferrer nofollow">https://t.co/PUOWGt0KS0</a> <a href="https://t.co/u54pp6LZij" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/u54pp6LZij</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1709743778817540311?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 5, 2023</a>
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<p>The drop in trading volume also coincides with massive ETH outflows of centralized exchanges, as per Santiment data.&nbsp;</p>
<p>On Wednesday, Oct. 4, around 110,000 ETH (worth approximately $181 million) have been moved off of exchanges, making it the largest outflow day since Aug. 21, 2023.&nbsp;</p>
<p>With the latest outflow, the non-exchange ETH now sits at an all-time high of 115.8 million ETH (around $190 billion), while its exchange supply is at “its lowest in ~5.5 years.”</p>
<p>Read more: <a href="https://crypto.news/cosmos-plans-to-attract-ethereum-developers-in-2024/" rel="noopener noreferrer nofollow"> Cosmos plans to attract Ethereum developers in 2024 </a></p>

Ethereum gas fees drop to 2022 lows, ETH might be bottoming

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