On August 18th, analyst Ryan Lee stated that every time ETH's Gas fee drops to a low point, it often indicates a bottoming out of the mid-term price. ETH prices often experience a strong rebound after this cycle, and when this moment coincides with an interest rate cut cycle, various possibilities for market wealth effects are abound.
Lee stated that Ethereum's Gas fee has dropped to the lowest level in five years, which can be attributed to the popularity of memes and Dapp users migrating to other faster and cheaper blockchains, such as Solana and Layer 2. In addition, the Dencun upgrade has also improved network efficiency, thereby reducing Gas fees.
