Ethereum network fees have fallen to some of their lowest levels, this week recording an average of $1.13, a price last seen in November 2022.
Cryptocurrency analytics company Santiment open In a post on
Low Ethereum network fees
Santiment revealed that the last time Ethereum gas fees dropped below $1.15, Ethereum saw a price bottom, which eventually corrected and led to a utility rally.
Since Ethereum has been cheap to use recently, there may be a repeat of what happened in the past, with lower Ethereum costs generally making utilities and prices more likely to rise, according to Santiment.
The cryptocurrency market intelligence platform’s disclosures come as the amount of ETH off-exchanges reaches an all-time high. Ethereum registered The biggest day of inflow since August 21 was Wednesday, as nearly 110,000 Ethereum worth roughly $181 million found its way off cryptocurrency exchanges.
The amount of ETH on exchanges, approximately 10.6 million ETH, is at its lowest levels since May 2018 compared to the 115.88 million held outside exchanges.
Market hype with the launch of ETH ETFs
The latest developments coincide with the launch of futures exchange-traded funds (ETFs) in the US, a move that has sparked anticipation in the cryptocurrency market. Several investment firms launched nine ETH futures ETFs on October 2, expanding the landscape for institutional investment in one of the world’s largest blockchain networks in terms of total value locked.
While investment firms like ProShares and Bitwise have launched three funds and two funds, VanEck, Valkyrie, Kelly, Hashdex, and Volshares have unveiled single investment products for ETH.
The launch of multiple ETFs raised investors’ hopes about the price of ETH reaching and possibly surpassing the $2,000 mark before running out in 2023. Although Ethereum jumped 4% at the time of launch, it lost its gains within 24 hours, and by the time of writing this Reportedly, it was hovering around $1,640, according to data from CoinMarketCap.
Meanwhile, trading volumes for the nine ETH futures ETFs at launch and at present were lower than expected.
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