Recently, the price of Ethereum has continued to fall, and the trading enthusiasm has been sluggish, which has caused the Ethereum mainnet Gas fee (i.e. the handling fee paid to miners) to continue to plummet. The latest data shows that the median Gas fee has dropped to 0.62 Gwei this week and is currently 0.92 Gwei, a new low in nearly four years, down more than 99% from the short-term peak of 132.3 Gwei in May last year.

Although the Ethereum spot ETF was approved at the end of July, the price continued to decline. On the 5th, the price of Ethereum fell to $2,111, a new low this year, which was equivalent to erasing this year's gains. Although it rebounded later, the price rose to $2,780 on the 14th, but it is currently reported at $2,655, which is still nearly 36% lower than the highest point of $4,098 this year.

Meanwhile, the Ethereum-to-Bitcoin trading pair fell to its lowest point since May 2021, 0.04008, on the 5th of this month. The current price is 0.04438, which means that now only 0.04 Bitcoins are needed to buy one Ethereum, which reflects that Bitcoin is more popular with investors than Ethereum in the market surge.

However, according to the history of Ethereum's price increase, every time the record-breaking decline in Ethereum's GAS fee ends, it is a signal that Ethereum is about to soar, and when this moment coincides with the time of interest rate cuts, that is when the market is most likely to get rich overnight.

What do you think about the future trend of Ethereum? Will it get out of the trough and reach a new peak, or will it be completely depressed and unable to recover? Welcome to comment and share your thoughts