Ethereum

April

Foundation

<a href="https://en.coin-turk.com/vaneck-identifies-solana-as-a-potent-challenger-to-ethereum-an-in-depth-look/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum</a> experienced a significant price drop last week, reaching its lowest level in the past seven months. Another noteworthy aspect is that this price drop coincided with a decrease in gas fees on the blockchain network to the lowest level in the past three years.
In addition, there have been greater fluctuations in the cryptocurrency markets amidst the ongoing conflict between Israel and Palestine over the Gaza Strip.
<h2 style="text-align: justify" id="how-much-is-ethereum-worth">How Much is Ethereum Worth?</h2>
The Ethereum Foundation’s sales and the consecutive exit of <a href="https://en.coin-turk.com/ethereum-bulls-back-in-action-price-analysis-and-market-outlook/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ETH</a> by major whale addresses caused the value of the cryptocurrency to drop by 6%, reaching around $1,520. On October 9th, the Foundation sold approximately 1,700 ETH for about $2.7 million USDC.
Ali Martinez emphasized a significant point, stating that ETH whales, who influence the crypto world, have sold over 5 million ETH, which is roughly estimated to be worth $8.5 billion, since February. Additionally, market observers note that the slowing market movements and the decrease in gas fees indicate a decline in investor interest in Ethereum.
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On the other hand, searches for ETFs on Google have reached their lowest point since 2020. This reflects the declining curiosity of individuals interested in cryptocurrencies, particularly ETH. Furthermore, despite the introduction of several futures exchange-traded funds, the enthusiasm for investment products related to Ethereum remained lukewarm.
However, some experts maintain their optimistic predictions, foreseeing a potential five-fold increase in Ethereum’s value by 2026.
<h2 style="text-align: justify" id="ethereum-gas-fees-drop">Ethereum Gas Fees Drop</h2>
According to a report published by IntotheBlock, Ethereum’s gas fees have reached their lowest level in the past three years as a separate development. These data parallel previous reports indicating that network fees on Ethereum have dropped to their lowest level in a year. This decrease may also be linked to a sharp decline in activities occurring on the network.
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IntoTheBlock made the following statement regarding the matter:
<blockquote>
 As speculative activities on L1 diminish and L2s continue to grow, it is likely that Ethereum fees will remain low. The upcoming implementation of EIP-4844 is expected to further expedite this trend by reducing L2 fees in order of magnitude.
</blockquote>
Historically, Ethereum gas fees have shown a parallelism with intensive on-chain activities. However, since April 2020, gas fees have dropped to their lowest level. Considering its peak in May, it has experienced a significant decrease of 90%. Continue Reading: <a href="https://en.coin-turk.com/ethereum-technical-analysis-is-a-comeback-possible/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/ethereum-technical-analysis-is-a-comeback-possible/</a>

Ethereum Technical Analysis: Is a Comeback Possible?

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