Key Highlights:
Golden Dip in Fees π: Ethereum’s transaction cost hits a low, averaging at just $1.13 this week – the most pocket-friendly since November 2022.
Stable Address Activity π : Despite changing transaction costs, unique active Ethereum addresses maintain a steady rhythm, dancing between 250k to 500k.
Price Rollercoaster π’: Ethereum began October with a 4% price increase, only to dip back down, showcasing the unpredictable thrills of the crypto world.
Oh, how times have changed! Ethereum, one of the pioneering blockchain networks, is seeing a notable dip in transaction costs. But what does this mean for the network’s health and its price dynamics? Hold onto your crypto wallets as we unravel the story behind the figures. πΌπ
πΈ #Ethereum's network has been particularly cheap to use, and this week's average fee level of $1.13 is the lowest since November, 2022. Though not a perfect signal by any means, lower $ETH costs generally lead to a rise in utility and price rebound. https://t.co/ymXFwGJh49 pic.twitter.com/PEGpXMmZ3q
— Santiment (@santimentfeed) October 4, 2023
Ethereum Transaction Cost: The Current Lowdown π
The Golden Stat: This week, Ethereum’s average transaction fee took a nosedive, reaching around a mere $1.13. And guess what? That’s the lowest we’ve seen since the chilly days of November 2022! π
History Rhymes, Doesn’t Repeat: If you’re an avid Ethereum observer, you might recall that the last time fees were this friendly, the ETH price hit rock bottom only to soar soon after. Could history be teasing a repeat? Only time will tell. π°οΈ
Analyzing the Predictions: What’s the Buzz? π
- Beyond the Horizon: Santiment, a reputable analysis firm, shared a juicy insight. Their data suggests that while there’s no guarantee, historically, lower ETH costs usually hint at a potential price rebound and enhanced utility. The anticipation is real, folks!
Ethereum On-Chain Landscape: A Closer Look π
Transaction Numbers: Despite the cost relief, Ethereum isn’t witnessing a mad rush of transactions. Numbers seem to be having a party around the 1000k mark. Fun fact: this trend isn’t new; it’s been the norm for over a year. π
Active Addresses: Looking for a surge in unique active addresses? You might be left wanting. Data paints a picture of stability, with addresses ranging between 250k to 500k in recent months.
Ethereum’s Price Dance: A Rollercoaster Ride π’
- October’s Opening Act: Ethereum opened the stage this October with a bang, showing off with a nearly 4% price pump. And, drumroll, it zoomed past the $1750 mark for the first time since the warm mid-August days. π
- But Wait… The joy was short-lived. Ethereum seemed to have cold feet as it quickly descended, wiping off the gains. The latest visuals? A series of four pesky red candles on ETH’s daily timeframe chart. Last seen, Ethereum was playing in the $1637 zone. π
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Sergio Richi
Editor, Logll Tech News