Ethereum Gas Fees Hit Yearly Low Amid Staggering ETH Prices
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New reports show that it has become significantly cheaper to send Ethereum (ETH) today than at the start of the year. ETH network fees now cost about 0.0096 ETH or $24.64 on average.
The average Ethereum transaction fees have not been this low since January 1, 2022, when the network’s average-sized fee (ASF) was $25.75 for one transaction. That said, the ASF peaked at $52.46 on January 10, meaning that today’s rate is 53.03% lower than the yearly high.
Meanwhile, median-sized fees (MSF) on the ETH network also dropped significantly today. According to statistics, the current MSF costs between $8.37 to $10.82 for a transaction, a 63.83% drop from the $29.92 MSF peak recorded on January 10.
Data from analytics platform Ll2fees.info show that MSF on Ethereum Rory costs $8.37 per ETH transfer, $19.14 per token transfer, and $41.87 to swap tokens. Polygon Hermez currently holds the cheapest Layer2 (L2) transfer fee today, with $0.25 per transaction.
Also, Loopring fees are at $0.29, Zksync fees are at $0.37, Optimistic fees are at $1.75, Arbitrum at $1.91, and Boba Network L2 fees are at $2.24 per transaction.
Key Ethereum Levels to Watch — January 31
ETH has recorded a momentum slowdown at the critical $2,650 resistance following a three-day recovery from the $2,320 base on Thursday. The second-largest cryptocurrency started the new week on a quiet tone around the $2,500 round figure as traders eagerly await the next stimulus from the global economic space.
ETH has now ventured dangerously into oversold conditions, its worst in over four years, according to my daily MACD indicator. That said, it is significantly possible that ETH has found its base in the current bearish trend at $2,160, indicating that a trend reversal could be in the works. A simple nudge from a fundamental factor could spur a bull rally in ETH and the broader market over the coming days or weeks.
Meanwhile, my resistance levels are $2,650, $2,750, and $2,800, and my support levels are $2,480, $2,400, and $2,300.
Total Market Capitalization: $1.68 trillion
Ethereum Market Capitalization: $303.1 billion
Ethereum Dominance: 17.9%
Market Rank: #2
