Due to its fluctuating price and erratic on-chain performance in recent weeks, Ethereum (ETH), one of the most valuable assets on the cryptocurrency market, has not received positive sentiment. The overall state of the market hasn’t provided much solace either, since the majority of cryptocurrencies have failed to keep their upward pace. Fortunately, the most recent on-chain information gives the price of Ethereum some encouragement.
In 2023, the average Ethereum fee will be at its lowest level
Real-time insights into crypto market patterns have been made possible by on-chain analytics. A drop in Ethereum network costs was also emphasized by the most recent on-chain revelations, which may mark a turning point for the market value and performance of the cryptocurrency.
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The Ethereum network costs have decreased to their lowest levels in 2023, with each transaction averaging under $1.15 as of this writing, according to the on-chain monitoring tool Santiment. This shows a sharp decrease from the exorbitant fees observed in 2021 and 2022, when the need for processing power caused the average fees to exceed $50.
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In the past, a drop in fees like this has been an indicator of Ethereum’s utility and popularity because higher fees make using the network less profitable. Santiment added that as the cost of circulating ether tokens decreases, greater utility is frequently the result.
It is important to keep in mind that this development may have an effect on the market value of the digital asset as a whole. The market capitalization and value of Ethereum may rebound as a result of increased usage and adoption.
The Impact On The Price of ETH?
The declining network costs do, in fact, favor Ethereum and its users, especially as they can enhance other network metrics and attributes. The price of ETH has not been much changed by this news, though, since it appears to be having difficulty escaping the present selling pressure.
The psychological $1,600 mark was breached by the cryptocurrency for the second time this month on Thursday, September 21. And the price of the Ether token has fallen by about 2.6% over the last three days as it continues to trade below this threshold.
The ability of Ethereum to develop a strong network momentum when fees are low will be closely watched by investors. Given that there are no indications that Ethereum whales are exerting any buying pressure, it is unclear whether this will be sufficient to break the price of ETH out of consolidation.
Furthermore, there is no optimism added to this scenario by the declining number of significant ETH holders. This is because a drop in whale holdings of this magnitude could make Ethereum’s price more vulnerable to pressure from below.
The price of the Ether token is $1,593, down 2.6% over the last week, according to CoinGecko data. The second-largest cryptocurrency at the moment is Ethereum, which has a $191.6 billion market cap.
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