- Ethereum network fees currently sit at an average of $2.54.
- This amount is the lowest that the network witnessed since July 2021.
- Historically, ether (ETH) price would surge whenever the gas fee falls below $5.
Ethereum users may find some consolation despite the current crypto winter, as gas fees for the network currently sit at an average of $2.54.
According to Santiment, this is the lowest gas fee that the network has witnessed since July of last year. As explained by the on-chain metrics site, the price of ether (ETH) would generally increase after the average transaction reaches below $5.
The above news may cause many in the crypto space to celebrate, especially those who hold ether. Should history repeat itself, at least for Ethereum, then the crypto space may witness ETH surge in price.
At the moment, this is not the case. Specifically, Ethereum is changing hands at $1,963.20 per piece, according to CoinGecko at the time of writing.
Earlier, Ethereum godfather Vitalik Buterin also revealed that he is not a billionaire any longer due to ETH price’s continuous dip. Currently, Ethereum is struggling to regain the $2,000 support level amid continuous pressure from the bears. The same can be said about Bitcoin, which is still lingering at pre-$30,000.
To be fair, the crypto market is not the only one suffering a meltdown. Other prominent financial markets like stocks are also on a dismal downtrend in the past couple of months due to many factors including the Russia-Ukraine war and the US Federal Reserve’s changes in policy.
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