Crypto analytics firm Santiment says the average fee level on the Ethereum network has dropped to just $1.12 per transaction, the lowest average daily cost since October 18, 2023.
Traders switch between sentiment cycles, sometimes feeling that the cryptocurrency is going to "fly to the moon" and sometimes feeling that it is "dead", which can be observed through transaction fees. These fees tend to peak at price tops (sometimes diverging) and return to a static state at price bottoms.
In the case of a market retracement over the past 6 weeks, the lack of demand and network pressure may help turn the tide for ETH and related altcoins faster than many people expect.
