Ethereum Transaction Fee in Steady Decline Following 625% Spike
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As of yesterday, the average cost of sending ETH on-chain via layer two (L2) on the Ethereum network is 0.0034 ETH or $10.32 per transfer. Meanwhile, median-sized network fees cost 0.0011 ETH or $3.47 per transaction. This means that network users paying median-sided fees enjoy a 66.37% discount compared to those willing to pay the average fee.
With the average fee, Ethereum median-sized fees increased to $10.31 per transaction on April 5 but have maintained a downward retrace since then.
It is worth mentioning that the average and median fees only cover the cost of sending Ether. Sending an ERC20 token, swapping a token, or interacting with a smart contract will cost significantly higher.
Recent reports show that layer two fees have recorded a sharp decline over the last few weeks. As of Sunday, the L2 rollup solution, Metis Network had the lowest transaction fee of $0.03 per transfer. What this means is that transactions on Metis Network cost 99.7% lower than the average on-chain transaction fee.
Key Ethereum Levels to Watch — April 18
Ethereum has buckled under the prevailing bearish, as the second-largest cryptocurrency finally loses the $3,000 psychological mark on Monday. ETH tapped the $2,900 low, a new monthly low, in the Asian session on Monday, opening the door to a $2,750 potential slump.
Unless we see a return above the $3,000 mark in the near term, ETH could record a bearish continuation in the coming days. Following its current trajectory, we could see the price plummet as far as $2,700, where the base of the short-term channel resides.
Meanwhile, my resistance levels are $3,000, $3,100, and $3,200, and my support levels are $2,900, $2,800, and $2,750.
Total Market Capitalization: $1.82 trillion
Ethereum Market Capitalization: $351.4 billion
Ethereum Dominance: 19.2%
Market Rank: #2
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