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Ethereum network fees hit 2023 lows, on-chain activities rise

ethereum-network-fees-hit-2023-lows-on-chain-activities-rising
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Ethereum network fees hit 2023 lows, on-chain activities rise

Ethereum network fees are currently at their lowest point in 2023.

The Ethereum (ETH) blockchain witnessed a significant reduction in network fees, with users paying a mere $1.15 per transaction, Santiment data shows. The current decline in Ethereum’s transaction fees carries with it a historical pattern that bodes well for the network’s utility. 

As transaction fees drop, Ethereum becomes a cheaper choice for users to interact with its versatile platform. This development holds the promise of boosting Ethereum’s overall market value.

Lately, there has been a notable rise in the level of on-chain transactions within the Ethereum network. The figure, totaling 1,089,893 user active wallets (UAW), marks the second-highest activity level in Ethereum’s history. Blockchain analysts at Santiment noted that such spikes in on-chain activity could be a signal for potential price rebounds.

This increased activity suggests growing interest and utility in the Ethereum network, which may positively impact its market capitalization in the coming months.

https://twitter.com/santimentfeed/status/1705401195152789888

While the wider cryptocurrency landscape sees significant price dips, Ethereum has remained above the $1,500 mark.

In June, analysts expressed optimism in the world’s second-largest crypto, with some predicting Ethereum’s ascent to a historic high of $3,000. What fuels this bullish sentiment is the remarkable dwindling of ETH reserves on exchanges, plunging to an unprecedented low of 12.6%.

This scarcity of Ethereum in exchange wallets underscores the platform’s robust demand, offering a compelling narrative amidst turbulent crypto seas. This scarcity of tokens available for sale on centralized exchanges is considered a bullish sign of Ethereum’s future performance.

Grayscale floats Ethereum Futures ETF application

In a significant move, Grayscale recently filed an application for an Ethereum futures-based exchange-traded fund (ETF). This application follows a previous filing under the Securities Act of 1933, the same regulatory framework governing commodities and spot Bitcoin (BTC) ETFs.

Notably, Grayscale‘s filing for an Ethereum futures ETF marks an important distinction, as the SEC has previously approved Bitcoin futures ETFs under both the Securities Act of 1933 and the Investment Company Act of 1940, which regulates most security-based ETFs. This move by Grayscale reflects the growing institutional interest in Ethereum.

In the midst of Ethereum’s journey, co-founder Vitalik Buterin’s voice resonates with a clear vision. Buterin places a strong emphasis on two pivotal pillars: privacy and decentralization. These principles, he asserts, are not mere aspirations but core priorities guiding Ethereum’s path forward.

In a crypto landscape marked by change, Buterin’s commitment to these ideals illuminates Ethereum’s enduring quest for a more private, decentralized, and inclusive digital future

 He expressed concerns about the vulnerability of centralized entities like custodial exchanges, which can be easily corrupted. Buterin advocates for direct transactions on the Ethereum blockchain to empower users and enhance security.

Ethereum price analysis

After facing resistance on July 14, Ethereum’s (ETH) price has been on a downward trend. Today, ETH is trading at $1,593, reflecting a 2.7% price decline in one week. Ethereum’s market capitalization stands above $191 billion, according to CoinGecko.

Ethereum network fees hit 2023 lows, on-chain activities rise - 1

The Relative Strength Index (RSI) of Ether on the weekly timeframe currently stands at 21.8, indicating a potential oversold condition. Ethereum has a critical support level of $1,500.

While Ethereum’s recent price decline may worry investors, its fundamental developments and growing institutional interest suggest a promising future.