Ethereum’s Network Fees at Lowest Level Since 2023

• Ethereum network fees have dropped to $1.15 per transaction in 2023.
• ETH’s weekly performance showed a decrease of 2.58% despite daily gains.
• Technical indicators suggest a potential extension of ETH’s downward trend.

Santiment, a blockchain analytics platform, reports that Ethereum network fees have plummeted to their lowest point in 2023, reaching a mere $1.15 per transaction. The post by Santiment indicates that past reductions in Ethereum’s network fees have typically led to enhanced usability, contributing to an increase in the market capitalization of this leading alternative cryptocurrency.

CoinMarketCap data shows that ETH experienced a 24-hour increase of 0.20%. This recent uptick resulted in the altcoin trading at $1,594.40 at the time of reporting. Despite the positive daily movement, it was insufficient to offset ETH’s depreciation over the previous 7 days. As a result, ETH’s weekly performance still showed a decrease of 2.58%.

In technical terms, the price of ETH fell under the $1,580 support level in the last 72 hours. This decline was seen as a buying opportunity by bullish investors, resulting in the cryptocurrency’s price bouncing back above this crucial level. Consequently, ETH marked a second higher low, establishing an upward trend line.

Should the upward trajectory persist, ETH’s value could test the $1,690 threshold the following week. A daily candlestick closing beyond this level could lay the groundwork for the altcoin’s value to ascend to $1,775, given sustained buyer support for the cryptocurrency.

Conversely, should the daily closing price of ETH fall below $1,580, there is a potential risk of it dropping to the next support level of $1,480 in the subsequent days. Investors and traders need to be aware that the technical indicators on the daily chart of ETH imply that a more bearish trend is likely.

Initially, the 9-day Exponential Moving Average (EMA) line was situated beneath the 20-day EMA line, suggesting that Ethereum (ETH) was experiencing a mid-term trend. Furthermore, the daily Moving Average Convergence Divergence (MACD) line was nearing the daily MACD Signal line. Should these two technical indicators intersect, it would imply a potential extension of ETH’s downward trend.