The cost of transacting with Ethereum (ETH) continues to drop, as the gas price to facilitate one transaction has dipped by over 80% from what it was in early January.
According to reports on Monday, it costs an average of 0.0039 ETH or $10.26 to carry out one transaction. In January, it cost an average of $52 per transaction. Notably, the last time ETH gas fees were this low was in late August last year.
As Ethereum gas fees continue to slide since mid-January, so too has the median-sized gas fee. As of January 10, the median-sized gas fee came in at $29 but has since dropped by a whopping 84.31% to 0.0017 ETH or $4.55 per transaction.
Meanwhile, L2 transactions have also dropped lower than on-chain transactions since gas fees slumped. At press time, the lowest L2 fee to send ETH is by leveraging Loopring, which has a transfer fee of only $0.13. For token swaps with Loopring, it costs $0.66 per swap.
On-chain transaction fees on Bitcoin are also significantly lower at 0.000000086 BTC per byte, as of yesterday, which equates to 0.000032 BTC or $1.20 per transaction. Also, the median-sized Bitcoin fee as of yesterday was about 0.0000078 BTC or $0.29 per transaction.
Key Ethereum Levels to Watch — February 28
Over the weekend, ETH fell into a sideways pattern as it struggled to plant a healthy footing above the $2,800 top. After a prolonged failure to achieve this move, the cryptocurrency refreshed its bearish momentum after falling to the $2.570 support again on Sunday.
That said, the second-largest cryptocurrency appears to have regained a mild bullish tone this morning as bulls fight to take the 4-hour 50 SMA at the $2,650 support. With the current bullish tone in the broader market, we could see a healthy rebound to $2,750 – $2,800 axis over the coming hours and days.
Meanwhile, my resistance levels are $2,650, $2,750, and $2,800, and my support levels are $2,570, $2,480, and $2,400.
Total Market Capitalization: $1.73 trillion
Ethereum Market Capitalization: $315.3 billion
Ethereum Dominance: 18.2%
Market Rank: #2
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