The average cost of fees on the Ethereum network dropped to $1.13, the lowest level since November 2022. Analytics firm Santiment believes this could indicate preparations for a rise in the price of Ether (ETH) 📈. The last time the fee dropped below $1.15, the ETH price hit its low, followed by an increase. With recently reduced fees, Santiment suggests that history may repeat itself, as Ethereum's low costs typically increase the likelihood of price increases and practical benefits.
The reduction in commissions coincides with the entry of ETH futures ETFs into the market in the United States, which caused a revival in the cryptocurrency market 🎉. Nine such products launched in October 2022, expanding institutional investment opportunities into one of the largest blockchain networks by total value locked. Despite the fact that the price of ETH at the time of the ETF’s launch increased by 4%, it then returned to its previous positions and is currently around $1,640. Trading volumes of nine ETH futures ETFs were below expectations.
The reduction in commissions coincides with the entry of ETH futures ETFs into the market in the United States, which caused a revival in the cryptocurrency market 🎉. Nine such products launched in October 2022, expanding institutional investment opportunities into one of the largest blockchain networks by total value locked. Despite the fact that the price of ETH at the time of the ETF’s launch increased by 4%, it then returned to its previous positions and is currently around $1,640. Trading volumes of nine ETH futures ETFs were below expectations.