Ethereum (ETH) gas prices have fallen to their lowest level than they have been in the past six months. In fact, transactions on the Ethereum network are now 80% less expensive than it was around 48 days ago on January 10.
<h2 class="article__header__heading">Ethereum Gas Fees Continue to Drop</h2>
As of Feb. 28, the average transaction fees on the Ethereum (ETH) network have been down to <a href="https://bitinfocharts.com/comparison/ethereum-transactionfees.html#3y" target="_blank" rel="nofollow noopener">0.0044 ETH</a> or $11.44 per transfer. The last time Ethereum network fees were this low was six months ago, back in August 2021. With the average fees at $11.44 per transfer, it’s 80.26% cheaper than it was transferring ETH on January 10, 2022. At that time, the average transaction fee was $52 per transaction.

Meanwhile, the median-sized gas fee was $29 in ether 48 days ago on January 10. Today it’s down 84.31% lower at <a href="https://bitinfocharts.com/comparison/ethereum-median_transaction_fee.html#3y" target="_blank" rel="nofollow noopener">0.0019 ETH</a> or $4.95 per transfer.

L2 transactions are also cheaper than on-chain transactions on the Ethereum network. Currently, the lowest <a href="https://l2fees.info/" target="_blank" rel="nofollow noopener">L2 fee</a> to send ETH is by leveraging Loopring for $0.08 per transfer. To swap tokens with Loopring, the gas price cost $0.65 per swap at the time of writing.
<h2><strong>What Could Be the Reason?
</strong></h2>
According to a <a href="https://decrypt.co/93154/nft-trading-slow-down-falling-ethereum-gas-fees" target="_blank" rel="nofollow noopener">report</a>, a possible reason for the drop in gas price could be an increase in layer 2 activity or users moving to other networks. Similarly, the fall in gas prices could also be directly related to a fall in NFT sales.

For instance, the report noted, “there’s a brief spike in volume on OpenSea on February 12, and February 13, before it falls off a cliff—the same with gas prices”.

Ethereum Gas Fees Hit the Lowest Rate in the Past 6 Months

Ethereum (ETH) gas prices have fallen to its lowest level then they have been in the past six months.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Ethereum Gas Fees Hit the Lowest Rate in the Past 6 Months

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