Earlier this week, Ethereum transaction fees fell to their lowest level in five years, which is considered a bullish signal for ETH.
Transaction fees (gas fees) on the Ethereum blockchain have dropped by 95% compared to March. Currently, Ethereum transactions are around $1 to $2, which has attracted attention within the crypto industry.
Many analysts have suggested that the Ethereum blockchain has reached the point of exhaustion and users are now turning to other blockchains. However, crypto analyst Ryan Lee stated that low transaction fees are a positive sign. Lee drew attention to the relationship between low transaction fees and the ETH price in light of historical data and expressed that he expects an increase in ETH.
Ethereum (ETH) Transaction Fees Are Declining: What Does It Mean?
Speaking to CoinDesk, Ryan Lee, chief analyst at Bitget Research, stated that whenever ETH transaction fees hit rock bottom, it usually signals a price reversal in the medium term. Lee stated that ETH tends to recover strongly after this cycle and that this recovery could coincide with the Fed’s rate cut cycle.
On the Ethereum blockchain, gas fees represent the cost of performing a transaction on the network, and this cost is measured in gwei units. Lee stated that the decrease in transaction fees was due to the decrease in demand on the Ethereum blockchain. Lee said that other blockchains were receiving more attention, adding:
“Lowest transaction fees in five years may have caused the memecoin season to shift away from Ethereum and bring faster blockchains like Solana to the forefront.”
In addition, the decrease in transaction fees has also affected the burning mechanism of ETH. Recently, around 16 thousand ETH have been printed and put into circulation on the Ethereum blockchain, which has led to the formation of an inflationary structure.
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