Ethereum

Plunge

Ethereum network fees plunged to a six-month low, suggesting altcoins may rally ”sooner than many expect,” said on-chain intelligence firm Santiment.
Ethereum’s gas fees dropped to as low as $1.12 on Apr. 27, a decrease in network fees that might signal a market bottom, Santiment said in an April 28 post on X.
“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,” it said. “With markets mainly retracing over the past 6 weeks, the lack of demand and strain on the network may help turn ETH and associated altcoins around sooner than many may expect.”
<img decoding="async" src="https://watcher.guru/news/wp-content/uploads/2024/02/609f029f.jpg" alt="Ethereum May Price Prediction: Can ETH Hit $4,000?">
<h2 id="span-style-font-weight-400-nft-traders-capitalize-on-reduced-ethereum-fees-span">NFT Traders Capitalize On Reduced Ethereum Fees</h2>
Non-fungible token (NFT) traders have started to capitalize on the reduced network fees. In the last 24 hours, <a href="https://insidebitcoins.com/news/consensys-sues-the-sec-to-prevent-it-arbitrarily-expanding-its-jurisdiction-over-ethereum" rel="noopener noreferrer nofollow">Ethereum</a> recorded a 25% increase in <a href="https://www.cryptoslam.io/" rel="noopener noreferrer nofollow">NFT sales</a> to more than $6.8 million.&nbsp;&nbsp;
Bitcoin recorded a 20% decline in such activity to $7.1 million during the same period.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🤑 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a>'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 <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> is going "To the Moon" or feeling that "It Is Dead", which can… <a href="https://t.co/8b8rLMLyIf" rel="noopener noreferrer nofollow">pic.twitter.com/8b8rLMLyIf</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1784511938476855337?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 28, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="span-style-font-weight-400-underperforming-eth-takes-a-toll-on-the-altcoin-market-span">Underperforming ETH Takes A Toll On The Altcoin Market</h2>
The Ethereum price continued to fall in the past 24 hours, according to <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">CoinMarketCap</a>. After plunging more than 4% in the last 24 hours, the altcoin leader’s price stood at $3,177.94 as of 2:45 a.m. EST.
This latest drop in price pushed ETH’s weekly performance into the red as well. Meanwhile, the <a href="https://insidebitcoins.com/news/sec-seeks-comments-on-blackrocks-ethereum-etf-ahead-of-may-deadline" rel="noopener noreferrer nofollow">Ethereum</a> price is also down more than 11% over the past 30 days.
ETH’s woes contributed to the altcoin market’s troubles during the last month. Throughout this period, the collective market cap for all cryptos excluding Bitcoin plummeted more than 16%, TradingView data shows.
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Ethereum Fees Plunge To A 6-Month Low, Suggesting An Altcoin Rally Is Coming ”Sooner Than Many Expect,” Santiment Says

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