Crypto analytics platform Santiment, Ethereum He made a remarkable comment about (ETH) and altcoins connected to smart contract platforms.
Santiment underlined that they are closely monitoring Ethereum’s average transaction fee, which has fallen to its lowest level since October 18, 2023. According to the platform, the falling gas fee is a solid sign that ETH is in the midst of a local bottom.
“Ethereum’s average fee level dropped to just $1.12 per network transaction, the lowest average cost in a day since October 18.
Investors have historically moved between emotional cycles such as feeling that cryptocurrency is ‘Going to the Moon’ or ‘Die’, and this can be observed in transaction fees. These charges will tend to peak around price tops and return to rest around price bottoms.
“With markets having pulled back significantly over the last six weeks, the lack of demand and pressure on the network will be felt in altcoins, especially ETH.”
Looking at the altcoins operating in the Ethereum ecosystem centimeternotes that several coins are already showing signs of strength.
“Liquid staking assets benefited from a nice mini-run this weekend. “Of the 17 core assets we track for this sector, market values increased by a total of +5.0% despite volatile market conditions: LDO (+5.2%) and RETH (+5.9%) led the increase.”
