Ethereum (ETH) Fees Hit Yearly Lows, Here's Where This Might Lead

Average Ethereum transaction fee drops to lows last seen in December 2022

"Ethereum network fees have dropped down to its lowest level of 2023, at just $1.15 per transaction. Historically, we see utility begin rising as ETH becomes more affordable to circulate. Increased utility can then lead to recovering market cap levels," Santiment tweeted.was trading near $1,594, just below $1,600. If the utility that arises from decreased fees impacts prices, ETH may attempt an upside move that targets the $1,692 and $1,804 levels next.

ETH, on the other hand, is gaining support just below its current level of $1,540.Accompanying the drop in average fees, Ethereum network fees, which refer to the sum of total fees spent to utilize the blockchain, also fell to a nine-month low of $22.1 million in the week.data, total fees on Ethereum fell during the week by 9.3%, while ETH saw negative exchange flows of $130 million, a decrease of $20 million.

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