Finally, Ethereum Transaction Fees Drop Drastically!

Ethereum transaction fees are decreasing. (Photo; Doc. Cryptorank)

JAKARTA - Ethereum recorded a significant reduction in gas costs, hitting its lowest point in the last three years. Data from Dune Analytics shows median gas prices are only 6.43 gwei, a figure that has not been seen since the early years of the platform. This decline not only facilitates transactions for users but also has the potential to trigger an increase in ETH prices.

Although Ethereum continues to struggle against competitors like Solana, this currency remains the main choice for decentralized applications (dApps) and decentralized financial projects (DeFi). This growing competition, ironically, may have contributed to the Ethereum network, which in turn reduced gas costs.

Santiment, an on-chain analytics firm, reported that transaction average fees on the Ethereum network have fallen to just $1.12 (around Rp. 18,250) per transaction, marking its lowest daily average cost since October 18. This decline reflects the cycle of market sentiment, where transaction costs tend to increase at the peak of the market and decline as markets reach their bases.

The market has experienced retracement over the past six weeks, and the drop in transaction costs indicates a lack of demand and reduced pressure on the Ethereum network. This could be an early indicator of Ethereum's faster recovery and other related altcoins than many would expect.