Crypto analytics firm Santiment thinks that Ethereum (ETH) and altcoins related to the top smart contract platform will leave many traders on the sidelines.
Santiment says it is keeping a close eye on Ethereum’s average transaction fee, which nosedived to its lowest level since October 18th, 2023.
According to the analytics firm, the slumping gas fee is a solid signal that Ethereum is in the midst of carving a local bottom.
“Ethereum’s average fee level has dipped to just $1.12 per network transaction, the lowest average cost in a day since October 18th.
Traders historically move between sentimental cycles of feeling that crypto is going ‘To the Moon’ or feeling that ‘It Is Dead,’ which can be observed through transaction fees. These fees will tend to peak (and sometimes diverge) around price tops, and go back to its resting state around price bottoms.
With markets mainly retracing over the past six weeks, the lack of demand and strain on the network may help
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