Ethereum

Cryptocurrency

Bitcoin

<div class="finbold">
 <p class="paragraph">As the largest part of the cryptocurrency market returns to trading sideways, Ethereum (ETH) is no exception, but price <a rel="noopener noreferrer nofollow" title="rebound" href="https://thebittimes.com/tag/rebound.html">rebound</a> could be in the cards for the second-largest digital asset by market capitalization, taking into account historical patterns of transaction fees on its network.&nbsp;</p>
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 <p class="paragraph">Indeed, according to the data observed by cryptocurrency sector analytics platform <em>Santiment</em><em>, </em>“Ethereum’s network has been particularly cheap to use, and this week’s average fee level of $1.13 is the <a rel="noopener noreferrer nofollow" title="lowest" href="https://thebittimes.com/tag/lowest.html">lowest</a> since November 2022,” the company said in an X post on October 4.</p>
 <p class="paragraph">As the analysts further explained, this is “not a perfect signal by any means,” but “lower ETH costs generally lead to a rise in utility and price <a rel="noopener noreferrer nofollow" title="rebound" href="https://thebittimes.com/tag/rebound.html">rebound</a>,” illustrating this on the chart, which shows that “the last time Ethereum fees were below $1.15, a price bottom occurred,” after which the crypto asset did, indeed, recover.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh3.googleusercontent.com/waYTc45ySDTR4TAF-l5fcexfFgxHbtSPk4bxzIEdc8KvaJsWnW3f2vHIvKg5IctropQyYEkCkXbRIR9tTipE54M-uSRMbwNisbmuUXO0OhAYNB6NOEmhXKMyI_U5qutq0HNl_gXbE1iQU2X85Y6j4jA" alt>
  <figcaption class="wp-element-caption"><em>Average Ethereum network fees. Source: </em><em>Santiment</em>
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 <h2 class="wp-block-heading" id="h-ethereum-price-analysis">Ethereum price analysis</h2>
 <p class="paragraph">Meanwhile, Ethereum was at press time changing hands at the price of $1,640.50, recording a decline of 0.35% in the last 24 hours but still holding onto the 1.3% gain across the previous seven days and the 0.58% increase in the past month, as the charts suggest.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/05/88f8aae8add69365e316996933bb5b2b.webp" alt class="wp-image-131362" srcset="https://cdn.thebittimes.com/images/2023/10/05/88f8aae8add69365e316996933bb5b2b.webp 1024w, https://cdn.thebittimes.com/images/2023/10/05/88f8aae8add69365e316996933bb5b2b.webp 300w, https://cdn.thebittimes.com/images/2023/10/05/88f8aae8add69365e316996933bb5b2b.webp 768w, https://cdn.thebittimes.com/images/2023/10/05/88f8aae8add69365e316996933bb5b2b.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Ethereum 7-day price chart. Source: </em><em>Finbold</em>
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 <p class="paragraph">On the other hand, the sentiment from the 1-week technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> (TA) gauges over at the finance and crypto analytics website <em>TradingView</em> is strongly bearish, its summary suggesting a ‘strong sell’ at 16, based on moving averages (MA) pointing at a ‘strong sell’ at 13, and oscillators in the ‘sell’ zone at 3.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh5.googleusercontent.com/oxhNdqx5bBgxT9FOCGmltD_Bg78vwMqxrWgrF6NARYDOyARcJ6YuppNYMJ1e4k7QdrMHZAEz5IvBjM0RdkV3AcRdEOwgOHyirFtJs5R4EJUp9LkLIZS_Oplg9w0geZc_Q915TmYqBNJpAEQOXc4X7nE" alt>
  <figcaption class="wp-element-caption"><em>Ethereum 1-week technical analysis gauges. Source: </em><em>TradingView</em>
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 <p class="paragraph">It is also worth noting that the artificial intelligence (AI) price prediction algorithms deployed by the crypto monitoring platform <em>CoinCodex</em> have set the price of Ethereum at $2,623.13 by the end of 2023, an even higher target than previously reported by Finbold on October 4.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-fees-drop-to-lowest-in-a-year-price-rebound-in-sight-tbt65221.html">https://thebittimes.com/ethereum-fees-drop-to-lowest-in-a-year-price-rebound-in-sight-tbt65221.html</a></p>

Ethereum fees drop to lowest in a year; Price rebound in sight?

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