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NFT Demand Slump Sinks Ethereum Fees to an 8-month Low

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NFT Demand Slump Sinks Ethereum Fees to an 8-month Low

The Ethereum (ETH) blockchain continues to showcase significant progress. According to on-chain data provider Santiment , aside from the extraordinarily close SP500 correlation Ether now has, the blockchain recorded an 8-month low transactional cost. Notably, Fees on $ETH were less than $4.10 back in mid-July 2021.

Transactions Demand Still High Despite Less Interest in NFT

On Monday, Ethereum (ETH) experienced a substantial bounceback, trading at the $2,550 level. As with Bitcoin (BTC), the world’s second-largest cryptocurrency price has continued to fluctuate within the $2,500-$3,200 range.

Despite the low transaction fees, network demand remains reasonably strong, with over one million transactions each day. The number of transactions has not decreased as much as the gas price; in fact, it has remained pretty constant over time.

According to CryptoSlate, Ethereum transaction costs have plummeted from as high as $200 to as low as $15 in the previous six months. According to Arcane Research, which they referenced in the article, the key reason for the recent decrease in Ethereum gas fees is reduced trading volume and maybe lesser interest in NFTs.

Until recently, most Ethereum blockchain transactions involved NFT transfers. However, the drastic drop in interest last month has led to a sharp decline in demand for Ethereum.

The trading volume drop can explain the drop in Ethereum’s gas fees decline and NFTs on OpenSea from $247 million to $124 million. This drop was between February 1 to February 6, whereby the same period saw the fall in the median gas fee from 134 gwei to 65 gwei.

Ethereum Price Approaches Breakout

Ethereum has maintained below the critical resistance levels of $2,600 and $2,620. On the other hand, ETH was well-bid over the $2,500 support level.

The most recent high was above $2,595 before falling below $2,550. It has fallen as low as $2,538 and is now consolidating losses. It is currently trading below $2,600 and the 100 hourly simple moving average. On the upside, an immediate barrier is at the $2,565 level.

The latest slide’s 50% Fib retracement level from the $2,595 swing high to the $2,538 low is also close to the $2,565 level. On the hourly chart of ETH/USD, a big contracting triangle is forming with resistance at $2,590.

The 100 hourly simple moving average and $2,575 area intermediate resistance. It is near the latest slide’s 61.8 percent Fib retracement level from the swing high of $2,595 to the low of $2,538.

What is Next for Ethereum?

If ethereum does not begin a new upward trend over $2,600, it may begin a new downward trend. On the downside, an initial support level is at $2,540.

The next significant support is around $2,500. A closure below the $2,500 support level might put the bulls under a lot of pressure. The next key support level might be at $2,420, below which there is a danger of a fall towards $2,350 in the coming days.

Meanwhile, the worldwide cryptocurrency market capitalization decreased by 1.92 percent in the previous 24 hours to $1.71 trillion. Meanwhile, trading volumes increased by 4.14 percent to $73.91 billion.

The entire volume in the decentralized finance (DeFi) area was $12.65 billion, accounting for about 17% of the total 24-hour cryptocurrency trading volume. Stablecoins accounted for $62.76 billion in total volume, accounting for 84.88 percent of the 24-hour cryptocurrency trading volume.