Crypto enthusiasts rejoice as Ethereum gas fees plummet to a six-month low, signaling a potential boom for alternative cryptocurrencies. Market players and analysts are abuzz over the recent drop in Ethereum transaction costs, coinciding with a solid 4.3% surge in Ether’s value.

According to insights from Santiment, the average gas transaction fee nosedived to a mere $1.12 on April 27, sending ripples across the entire cryptocurrency landscape, particularly for altcoins.

But what to make of it all? This calls for a deeper analysis!
Why the Fee Drop?
The reduction in gas fees is partly attributed to decreased traffic on the Ethereum network. It’s a straightforward equation: fewer transactions often mean lower fees. Moreover, the latest Dencun significantly streamlined operations, ensuring smoother functionality within the network.
Past data shows a compelling link between declines in gas fees and subsequent periods of increased activity and price appreciation in altcoins. Santiment’s analysis suggests that these fee drops often coincide with market bottoms, hinting at a potential sentiment reversal and the beginning of an altcoin rally. This observation gains further traction from Ethereum’s sustained deflationary trajectory post-Merge, with more ETH burned than issued over the past five months, effectively reducing the overall supply.
Understanding the Market Sentiment
Despite the drop in gas fees and the promise of an altcoin resurgence, recent data reveals a noteworthy increase in Ethereum’s circulating supply. Over the last month, 74,458 new ETH entered circulation, surpassing the 57,516 ETH burned during the same period. While this surge in supply may raise eyebrows, it’s crucial to recognize Ethereum’s enduring deflationary trend post-Merge, characterized by a consistent pattern of more ETH being burned than issued.
Despite the recent increase in circulating supply, the cumulative amount of burned ETH since the Merge remains significant, indicating continued network activity and demand for Ethereum. This suggests that while there may be short-term fluctuations in supply dynamics, the broader market sentiment towards Ethereum remains positive.
Ethereum Technical Analysis
On the technical front, Ethereum appears poised for a breakthrough, potentially breaching the $3,300 mark. The market sentiment remains bullish for ETH, buoyed by recent whale activity, such as James Fickel’s notable acquisition of ETH, signaling confidence and optimism among investors.

So, what’s your verdict? Are you bullish on altcoins or is it still time to wait?

#EthereumPower #gasfee #EthereumUpdate $ETH

Non-fungible tokens have become synonymous with Ethereum, which hosts the largest marketplace for NFTs, OpenSea. However, the gas fees at OpenSea are extremely dynamic due to a variety of reasons and it’s not uncommon for users to pay excessively high amounts to trade NFTs on the platform. If you’re an NFT enthusiast who is tired of paying extra fees on the platform, these pointers might help you save some money. Here’s a guide on how to avoid paying high gas fees on OpenSea.Ethereum gas is the cost or ‘fees’ paid to miners for verifying transactions on the blockchain. The total gas fees are calculated by multiplying the Gas Unit(limits) and the (Base Fee+ Tip). The gas unit is the total amount of gas one is willing to pay for in a transaction, while the base fee is the minimum quantity of gas to record transactions. ‘Tips’ are the priority fees paid to fasten a transaction, which is set automatically by hot wallets.If one transacts on OpenSea using the Ethereum blockchain, the process is similar. Buyers pay gas fees while purchasing fixed price items while sellers pay the gas when accepting offers. However, just like the prices of altcoins, the gas price also varies depending on the laws of supply and demand, and identifying them can help one time their purchases accordingly.How to avoid high gas fees on OpenSeaLook at Ethereum’s network activityOpenSea gas fees are primarily related to the base gas fee on Ethereum, which is dependent on several network and price-related factors. One reason why ETH’s base fee increases is because of the number of users transacting on the network, which can spike to half a million transactions on some days.Thus, users can identify periods when ETH’s network activity is relatively low and time them with their NFT transactions. Users can look at metrics such as daily active addresses, which measure the number of users actively transferring tokens on the network. While there isn’t always a direct correlation between the two, users would likely have to pay lesser gas fees during periods of low network growth.Identify when gas fees are lowest in a weekIf your goal is to limit the gas fees as much as possible, you should look at transacting on OpenSea when fewer users are operating on the platform. The busiest and most expensive times are on weekdays from 8 AM to 1 PM (EST) since users from Europe and the U.S. are in full flow during this period. In particular, Tuesdays and Thursdays are when the markets are the busiest.Hence, an ideal time to make OpenSea transactions are on Saturdays and Sundays from 2 AM to 3 AM (EST)—that’s when ETH gas prices are at their lowest.Use software toolsSeveral free-to-use software can tell one to identify whether the gas prices are high or low before a transaction is made. For instance, ethereumprice.org/gas tracks gas prices every day in a given week. The tool will help, you will tell the best time to transact on the blockchain and even avoid congestion, known for high transaction fees.Avoid failed transactionsNotably, OpenSea transactions utilize gas fees whether the transactions are successful or not. The default gas limit settings for transactions are automatically calculated on crypto wallets and altering these settings may increase the chances of a failed transaction. Hence, users should avoid setting an extremely low gas limit and adhere to the predefined limit set on their wallets.#gasfee #NFTMarketTrends