📉 Ethereum network fees fell to their lowest since November 2022, averaging $1.13 this week.
🔍 Crypto analytics firm Santiment revealed that this may not be a perfect signal, but could indicate that ether (ETH) is preparing for a price recovery.
- The last time Ethereum gas fees fell below $1.15, ETH experienced a price bottom and then a correction, leading to an increase in usage value.
- Since Ethereum has recently been cheap, a repeat of past events where low ETH prices often increase the likelihood of increased usage and price, according to Santiment.
- These revelations come as the number of ETH off-exchanges reached an all-time high, with 10.6 million ETH, the lowest since May 2018 compared to 115.88 million off-exchanges.
- The latest developments coincide with the launch of the Ethereum futures exchange-traded fund (ETF) in the US, expanding the institutional investment landscape in one of the world's largest blockchain networks in terms of total value lock up.
- While ETH is up 4% at launch, it lost gains within 24 hours and, at the time of writing, is hovering around $1,640, according to data from CoinMarketCap.
- Meanwhile, the trading volume of the nine ETH futures ETFs at launch and now has been lower than expected.
🔍 Crypto analytics firm Santiment revealed that this may not be a perfect signal, but could indicate that ether (ETH) is preparing for a price recovery.
- The last time Ethereum gas fees fell below $1.15, ETH experienced a price bottom and then a correction, leading to an increase in usage value.
- Since Ethereum has recently been cheap, a repeat of past events where low ETH prices often increase the likelihood of increased usage and price, according to Santiment.
- These revelations come as the number of ETH off-exchanges reached an all-time high, with 10.6 million ETH, the lowest since May 2018 compared to 115.88 million off-exchanges.
- The latest developments coincide with the launch of the Ethereum futures exchange-traded fund (ETF) in the US, expanding the institutional investment landscape in one of the world's largest blockchain networks in terms of total value lock up.
- While ETH is up 4% at launch, it lost gains within 24 hours and, at the time of writing, is hovering around $1,640, according to data from CoinMarketCap.
- Meanwhile, the trading volume of the nine ETH futures ETFs at launch and now has been lower than expected.