The gas fee on Ethereum has reached its lowest point since November 2022, standing at $1.13.
Some analysts speculate that this could indicate a potential bottoming-out of $ETH similar to what happened in late 2022.
Santiment, an analytics company, reported that the average fee on #Ethereum this week was $1.13, the lowest it has been since the time when ETH dropped to $1,100. While analysts acknowledge that this is not a foolproof signal, they do recognize that lower fees generally lead to improved conditions and a subsequent rise in prices.
In 2022, when #ETH hit its lowest point, it took until May 2023 for the coin to rally and surpass $2,157. However, it is currently uncertain if the same pattern will repeat now.
Over the past week, ETH has experienced a modest increase of 1.26%. ETH is currently trading at $1,637. However, the trading volume for ETH has decreased in the last 24 hours, dropping by 12.2% to $4.6 billion.
Ethereum Moving From Exchanges:
A substantial amount of ETH has been withdrawn from centralized exchanges. On October 4th, 110,000 ETH (equivalent to approximately $181 million) was moved off exchanges, marking the highest outflow since August 21st, 2023.
Consequently, the amount of ETH held outside of exchanges has reached an all-time high of 115.8 million ETH (roughly $190 billion), while the amount on exchanges is at its lowest point in approximately 5.5 years.
While there are positive signs with the gas fees and the outflow of ETH of centralized exchanges, the market remains unpredictable.
With the price of ETH hovering at $1,637 and trading volume experiencing a decline, the question arises:
Will Ethereum's price surge, or will it face further challenges?
What do you think? Is this a sign of a potential rise in Ethereum's price?
Share your thoughts in the comments below.
Let's continue the conversation and learn from each other's insights.
Have a great rest of the day🫡
Until next time.......
