Ethereum gas prices have been going down lately.
It reached its all-time high in 2021 when the bull market was in full bloom.
The trend then continued, maintaining a high high peak at various intervals to higher highs.
When the average ETH gas fees are at their highest, they can go as high as $69.
But as the market declines, the price of oil and other energy prices have crashed and the price of gasoline has tumbled.
Ethereum Fees Are Down
In March, Ethereum gas fees declined to as low as $5.98 per transaction, a decentralized network with a fixed monetary policy.
This had been the lowest that gas prices had been in seven months at this point.
This spike in gas prices is going to hit us right in the gut. They are already at record high levels, and this could send them even higher.
The crypto bear market is in full swing, with a sharp downturn that’s seen the price of the top coin dip below $300 as prices have slumped.
Over the past few days, Ethereum gas fees have been less than $8.78 on average.
It represented a $76 drop from its April high to bring it into levels seen in early March.
This has been translated into a decline in the fees charged by Layer 2 rollup services, which are considerably cheaper than transaction fees on the main Ethereum network.
In the past week, the lowest recorded fee rate has dropped to as low as $0.03.
The fees that were charged for Loopring and Zksync are the lowest in their industry.
BitCoin has gone down in value and the average transaction fee is now just under $1.04.
ETH To Explain
The current downtrend seems to be a prominent one in not just the transaction fees but the price of the digital asset.
Ethereum price has had a turbulent start to the week, crashing through the $3,000 mark to the $2,800 area by the time markets open on Monday.
With the recent selloff of many cryptocurrencies, indicators were showing that Bitcoin was going to drop. As the selloffs went up and down, it seemed as though everyone was buying it.
The price of ETH fell below the $3,000 mark, and continued to drop throughout November. The support level is now at $2,900.
This puts the short-term forecasts of the cryptocurrency right in the negative for the majority of traders. The long-term outlook is not looking good either.
The digital asset is trading at $2,909.
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