Ethereum's network fees have dropped to some of their lowest levels, averaging $1.13 this week, a price last seen in November 2022. Crypto analytics firm Santiment suggests that this could indicate a potential price rebound for ether (ETH). The last time Ethereum gas fees went below $1.15, ETH experienced a price bottom, which eventually corrected and led to a rise in utility. With Ethereum being cheap to use recently, there could be a repetition of past occurrences as lower ETH costs generally increase the probability of a utility and price rise.

This development comes as the amount of ETH outside exchanges hits an all-time high, with the largest outflow day since August 21 recorded on Wednesday. Additionally, the launch of ETH futures exchange-traded funds (ETFs) in the U.S. has set the crypto market abuzz with anticipation. Several investment firms launched nine ETH futures ETFs on October 2, expanding the landscape for institutional investment in one of the world's largest blockchain networks by total value locked. The multiple ETFs launch raised investors' hopes about the price of ETH hitting and possibly crossing the $2,000 mark before 2023 runs out.