Ethereum Gas Fees Plummets to YTD Lows, Following Market Crash
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As the cryptocurrency market cools down following its recent crash, Ethereum (ETH) transaction fees have dropped significantly. Reports show that Ethereum network gas fees have fallen to their lowest point since the beginning of the year.
One of the advantages of a down-trending market is that demand for digital assets suffers a massive blow, causing transaction fees to plummet. According to data from BitInfoCharts, the Ethereum network’s average transaction fee touched a multi-month low of $3.70 on Sunday, its lowest point since December 2020.
However, new data shows that that average has climbed to $5.45 currently, indicating that network activities are increasing once again.
This decline in transaction fees comes just a month after the average transaction fee on the network peaked at $70. Not surprisingly, gas fees hit their highest point on May 12, the same day ETH reached an all-time high of $4,300.
While gas fees are currently at a yearly low, it is still over 500% higher than what it was a year ago. As of June 9, 2020, the average Ethereum network transaction fee stood at $0.56.
The recent decline has received widespread attention across social media, as it is currently one of the most talked-about crypto developments.
Key Ethereum Levels to Watch — June 9
Following yesterday’s crash to the $2,300 level, Ethereum has staged a mild rebound to the $2,500 region as buyers return to the market. That said, the second-largest cryptocurrency is currently trading within a wedge as bulls struggle to break the $2,570 resistance line.
ETH has run out of room in the wedge, and a sharp move (either upwards or downwards) could follow soon. That said, we expect this spike to occur towards the upside, given the broader market condition.
Meanwhile, our resistance levels are $2,570, $2,650, and $2,750, and our support levels are $2,480, $2,400, and $2,300.
Total Market Capitalization: $1.60 trillion
Ethereum Market Capitalization: $299.5 billion
Ethereum Dominance: 18.7%
Market Rank: #2
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