Ethereum network fees are at a record low!

Ethereum (ETH) continued to show resistance in its price recovery, rising 37% from at the beginning of the year, although it is still significantly behind its all-time high price from US$4,891 in November 2021, reflecting a significant decline of 67.44 how much.

In the past week, the cryptocurrency has seen a decline of 2.67%, with the current trading price of 1,592 US dollars, according to data from Coinmarketcap. Additionally, its volume trading saw a significant drop in the last 24 hours, falling by 41.83 percent to 2.93 billions of dollars.

Yet, despite these challenges, Ethereum has recently witnessed a drop in network fees, which is a promising sign, as reported by on-chain analytics firm Santiment. According to Santimento, Ethereum’s network fees have reached their lowest levels in 2023 and are currently only $1.15 per transaction.

https://x.com/nftmufettisi/status/1705365883198267716?s=20

After briefly breaching the $1,650 mark, Ethereum price faced a resistance at $1,670 and then experienced a downward trend. To nurture short-term prospects to rise, Ethereum needs to maintain support above the key $1,615 range-wise level from 1850 to 1900 USD. Conversely, a key support level to watch is 1500 USD.

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