Ethereum

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>As per a recent data source, Ethereum network fees marked a new low in 2023.</a> </li> 
 <li> <span>2</span> <a>ETH price has been following a downside path for the last 7 days.</a> </li> 
</ul> 
<p>On September 23, 2023, Santiment, an on-chain analytics firm, shared an X (formerly Twitter) post. The firm wrote in the post that “Ethereum network fees have dropped down to its lowest level of 2023, at just $1.15 per transaction. Historically, we see utility begin rising as $ETH becomes more affordable to circulate. The increased utility can then lead to recovering market cap levels.”</p> 
<blockquote class="twitter-tweet"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f911.png" alt="🤑" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> network fees have dropped down to its lowest level of 2023, at just $1.15 per transaction. Historically, we see utility begin rising as <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> becomes more affordable to circulate. Increased utility can then lead to recovering market cap levels. <a href="https://t.co/MpOLfMYKUp" rel="noopener noreferrer nofollow">https://t.co/MpOLfMYKUp</a> <a href="https://t.co/JI8ZLhmb4p" rel="noopener noreferrer nofollow">pic.twitter.com/JI8ZLhmb4p</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1705401195152789888?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 23, 2023</a> 
</blockquote> 
<h2 class="wp-block-heading" id="strong-ethereum-average-fees-levels-highlight-strong"><strong>Ethereum Average Fees Levels Highlight</strong></h2> 
<p>As Santiment noted, the fees on the Ethereum network fell during the last few days. Notably, the “average fees” indicator keeps track of the mean fees (in USD) that users attach to their transactions on the Ethereum blockchain. However, when there is less transfer activity on the blockchain network, the users have no incentive to pay high fees, thus the average remains low.</p> 
<p>As per Santiment, the average fees had come down to just $1.15 per transaction, which is the lowest since December last year. This mark has made it the lowest point of this year so far.</p> 
<p>Meanwhile, low fees are an aftermath of low activity, which may boost more utility on the blockchain <a href="https://www.thecoinrepublic.com/2023/09/21/paul-brody-talked-over-private-blockchain-and-support-ethereum/" rel="noopener noreferrer nofollow">network</a>. A lower cost of movement shows that more users would be willing to shift around their coins. As the on-chain analytics firm explained,&nbsp; “Increased utility can then lead to recovering market cap levels.”</p> 
<h3 class="wp-block-heading" id="strong-eth-price-analysis-strong"><strong>ETH Price Analysis</strong></h3> 
<p>Since the beginning of this year, ETH price has traded above the $1,300 price mark. With the potential growth in the crypto industry prices, in mid-April 2023, ETH crossed the $2,000 price mark.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/y-Ehd5JbL_3ocEiw9_7u3nBU9tsnUjRBaxGm4Ius2SGPVvl46yyd5dXE8Em6EtbeTG5H9lYFpY8fHcK2NY1Qxgt_hEXuZW8SwD8vMK_AZuiO-75Csd3mSpkLkhqQMGUZGheuA3UIrDfmDP_m2rgvM3g" alt="Ethereum Network Fees Dropped Down to its Lowest Level of 2023"> 
  <figcaption class="wp-element-caption"> <strong>Source: ETH/USD by CMC</strong> 
  </figcaption> 
 </figure> 
</div> 
<p>According to CoinMarketCap (CMC) data, at press time <a href="https://www.thecoinrepublic.com/2023/09/25/huobi-htx-lost-ethereum-worth-8-million-in-a-hack-justin-sun/" target="_blank" rel="noopener noreferrer nofollow">ETH </a>is trading at a price of $1,591.93 with a 24-hour trading volume of $3.74 Billion. The second most-traded cryptocurrency by market cap is up 1.00% in the last 24 hours, with a current market cap of $191.39 Billion.&nbsp;</p> 
<p>Additionally, Bitcoin (BTC), has not been particularly impressive. It has still shown more strength than Ethereum. Last week, a market intelligence platform, IntoTheBlock, also pointed out that the market cap ratio of the two assets rose to 2.86, a new yearly high.</p> 
<blockquote class="twitter-tweet"> 
 <p lang="en" dir="ltr">Bitcoin dominance has rebounded in the past few weeks, approaching 50% for the second time this year.<br>Bitcoin's strength is also evident in its relationship with <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>. The ratio of Bitcoin's market cap to Ether's market cap reached a yearly high of 2.68x this week <a href="https://t.co/RIGwy4IFjo" rel="noopener noreferrer nofollow">pic.twitter.com/RIGwy4IFjo</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1705598344184176756?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 23, 2023</a> 
</blockquote> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.</p>

Ethereum Network Fees Dropped Down to its Lowest Level of 2023

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