Why is Ethereum fees going down in this days?

[leea-1334]

Bitcoin and Ethereum have really low gas or transaction fees when everyone is panicking and thinking the world will end for crypto. Someone shared in Bitcoin discussions huge outflows of BTC from exchanges too.

No demand, low utility, means low network transactions. Fees therefore no need to be so high.

Before we start the day, we do morning exercises to release the Caffeine we take in. Could it be gas that blows up an airplane? Just as humans and airplanes need fuel, so does the Ethereum (ETH) blockchain. The energy source for this particular digital resource is called Ethereum Gas.

This price variability is related to the fact that the countries are active and passive at the relevant hours.

What the heck,,, Your second paragraph makes sense but your beginning is totally like you just made up something, like you use a robot to make stuff up like some kind of automated content thing 

[1714761372]

1714761372

[1714761372]

1714761372

[1714761372]

1714761372

[masterrex]

In these days ETH gas fee will down to 5$ per transaction why this happen?

I think it is because the Ethereum network volume of transactions was declined and normalized again, and that's the reason why we barely see the transaction fees are going down sometimes, but not all the time because there's a particular period of the day that it was still high and it's very uncomfortable for ordinary users but in general its a temporary relief for all Ethereum and erc20 token users so I hope it will continue to stabilize. 

[perfect999]

The rise and fall of gas costs is common in blockchain networks.
But the decline in the price of the Ethereum blockchain this time could be because people have rarely used the Ethereum blockchain so far they have moved to the BSC network and others.
Maybe in the past many people used the Ethereum blockchain so the transaction fees were so high that people would think twice about sending their tokens.

Eth fees are high and bsc was then introduced to work as a solution. It was effective, people experience to transact again with cheap transaction fees but not in the side of eth. For such a long time we are using bsc, the eth fees are still the same but maybe not anymore because of what the op experience. A drop of 5 dollar in fee is a good and a big thing already.

I just hope this stays and more drops will happen as the day passes by. In no time, people are going to go back on eth again and of course me too as I still have unfinished business in eth. I have lots of erc20 tokens to sell but the high gas fees prevents me from doing it. It sucks though.

[wozzek23]

Mainly that is because there are too many people who said enough is enough and that is why price is falling. It is all made in the markets and the reality is that we are in a situation where people realized a while ago that they could just use other chains. The more chains they end up using, the more spread out it became.

This meant that we are not really seeing ETH being the only one, and with so many competitions for it, that meant people started to use other places. Obviously it is not going to last forever and people will be back on ETH eventually when there is something great there that everyone wants to participate. However, until that time, we will be low like this.

[bitkanu]

funny enough it’s not only ETH price that are volatile but its gas fee is also volatile, sometimes it could become surprisingly inexpensive and the other day it would become ridiculous that is being frowned by the masses
but of course this kind of phenomenon occurs frequently and if the ETH gas fee has become relatively low that means it’s the right time for anyone that are waiting for this moment because usually in the next weeks, the fee gonna be climbing again
and becomes ridiculous again, it’s the same ETH’s gas cycle, currently there is rarely any market movement but once there is any market movements occurring the fee rates will suddenly go high again.
And that's happening right now. Bitcoin is recovering and then the gas is also increasing. How funny ethereum blockchain is

[Farma]

Currently the fee is quite low. I see gwei here, and I think it's a pretty good change for ethereum.
however, this does not prove that ethereum fees are really low. Well, the current decline in fee prices could only be temporary, because when transactions start to solidify again, fee prices can increase at any time. However, $2 or $5 of the fee is still quite expensive, but once the ethereum fee has stayed in that range, I think people's complaints will be less. I also see that the current gastrackerfee has decreased quite a bit. it's better than paying $20 or more for 1x transaction. maybe for people who want to make transactions on ERC20, now can be a good opportunity.

[Jose Mourinho]

I think the current decline in the cost of ethereum gas is due to the massive reduction in adoption of this network, resulting in the empty space of the ethereum system, I think this is only temporary because the crypto market is currently declining so activity on every network decreased dramatically,

[Webetcoins]

Eth fees are high and bsc was then introduced to work as a solution. It was effective, people experience to transact again with cheap transaction fees but not in the side of eth. For such a long time we are using bsc, the eth fees are still the same but maybe not anymore because of what the op experience. A drop of 5 dollar in fee is a good and a big thing already.

I just hope this stays and more drops will happen as the day passes by. In no time, people are going to go back on eth again and of course me too as I still have unfinished business in eth. I have lots of erc20 tokens to sell but the high gas fees prevents me from doing it. It sucks though.

I believe that when there is a huge gas fee in ETH, people move to other chains, then when they move, the gas fee drops, when it drops more people move back to ETH and it rises again. This is the cycle, we just keep having people use ETH, run away from ETH and then go back to ETH and keep doing this for the longest time.

I do not think that it could change at any given time. I mean it could change in the long run, but that doesn't mean that it will happen any time soon. What we need to see is a change in whole ETH structure, they tried many forks and many different things and they hoped that some of them would work but in the end none of them did.

[asriloni]

Less transaction with high fees in the network. This is also making the transaction fees that used by the blockchain goes down as well. This is an old thing that will always happen when people are feeling bored with ethereum and they are moving to the another blockchain. The fees is increasing again right now and it's relatively high caused by it was going back again to the two digit fees.
Seeing the gas fees of ethereum is so cheap like this time rarely happened with this blockchain.

[ninis45]

basically every member here agrees that the rising and falling costs of ethereum gas are caused by the many and few transactions that occur on the ethereum blockchain and also the decline in the price of ethereum so that it becomes $ 5 and if it rises it might return to 10 $ because of the large number of transactions

[Scripture]

In these days ETH gas fee will down to 5$ per transaction why this happen?

We should be more glad about this news, because it becomes cheaper and I hope that it continues until it goes back to a more cheaper fees.
We all don't want expensive transactions and a slower network, this has been the problem with ETH network and hoping that their updates will address this problem. I don't know the current situation of that update but at least, its good to see lower fees though compare to other network it is still expensive.

[AmoreJaz]

In these days ETH gas fee will down to 5$ per transaction why this happen?

We should be more glad about this news, because it becomes cheaper and I hope that it continues until it goes back to a more cheaper fees.
We all don't want expensive transactions and a slower network, this has been the problem with ETH network and hoping that their updates will address this problem. I don't know the current situation of that update but at least, its good to see lower fees though compare to other network it is still expensive.

maybe this is also owed to decongestion of eth network because other competitor networks with cheaper fees. though we don't know what's the real deal about their eth 2.0 update, but good to know that they are slowly going down their fees. but the fees using uni and opensea are still high, check in their gas tracker site . but if you are dealing with large amount of money, $25-30 is no big deal especially if you are selling thousands worth in opensea.

[Davian144]

We should be more glad about this news, because it becomes cheaper and I hope that it continues until it goes back to a more cheaper fees.
We all don't want expensive transactions and a slower network, this has been the problem with ETH network and hoping that their updates will address this problem. I don't know the current situation of that update but at least, its good to see lower fees though compare to other network it is still expensive.

That is clear because if the cost on the ETH network can be cheaper even though it is not as cheap as other networks, I think it will really help ETH also in some ways such as the number of users who will be more and more and can have an effect on the price of ETH itself in the market.
So it's good that the fees on the ETH network can be easily resolved to be cheap.

[darewaller]

I think the current decline in the cost of ethereum gas is due to the massive reduction in adoption of this network, resulting in the empty space of the ethereum system, I think this is only temporary because the crypto market is currently declining so activity on every network decreased dramatically,

That is the reason why the gas fee was high as well, a lot of people using it. Since, a lot of people used it, the gas fee was high and now that a lot less people are using it, the gas fee is low, that is how it is done. I personally believe that when you do it properly then ETH would be a great place to use, like when there is a new fork or a new improvement then it could be great if the gas fee is low even when a lot of people are using it.

However, when there are lot of people using it, the gas fee goes up, so that is why people leave. There are so many other networks right now that people could use and make money, I believe that they could provide more for the people who use them.

[imamusma]

The cost of ethereum gas is down at this time maybe because the trading volume is declining so that because currently all coins are in decline and this will increase again if later all coin prices also experience growth, but what we hope later costs will remain at the lowest price so that we are again comfortable in making transactions, although currently many other networks have been present but the ethereum network can still be relied on.

That's true because the Ethereum network is also much more convenient to use if the Gas transaction fees are cheap and I'm sure there are still many people who like the Ethereum network if the transaction fees can be very cheap this year.
So let's look forward to what breakthroughs Ethereum will take this year to stabilize transaction Gas fees.

[Woodie]

Ethereum fees keep going down as a result of less usage of eth based assets and most likely people are using other blockchains like polygon, tron, binance chain which present the user with the benefit of low transaction fees as compared to ethereum itself.

If usage remains the same and fees go down then its likely that a new fork was implemented.

[Xal0lex]

In these days ETH gas fee will down to 5$ per transaction why this happen?

There was even $1 at a time, but not for long. Obviously, the ETH network has been heavily spoiled by third-party directions in the ecosystem, such as DeFi or NFT. If you think back to what transaction prices were in the summer of 2021, it's clear that it was because of NFT trading on OpenSea. Look at OpenSea trading volumes now, their volume has dropped dramatically, hence the load on the Ethereum blockchain has dropped, as has the price of gas. There is a pattern to all of this.

[Samurai trieng]

I think the current decline in ethereum gas costs is due to reduced activity on the use of the ethereum network so that the system is not crowded and there is no congestion, which makes the transaction costs decrease, maybe this is due to the declining crypto market so ethereum users delay and are reluctant to transact for a while, but I'm sure if the ethereum network users get crowded again then the gas costs will go back up again.

[Coin BTC]

I think the current decline in ethereum gas costs is due to reduced activity on the use of the ethereum network so that the system is not crowded and there is no congestion, which makes the transaction costs decrease, maybe this is due to the declining crypto market so ethereum users delay and are reluctant to transact for a while, but I'm sure if the ethereum network users get crowded again then the gas costs will go back up again.

and there may also be obstacles that make the current ethereum network possible to have reduced ethereum gas costs, and there are several sides that are good news for ethereum holders. but this decrease in ethereum gas costs could be because the network may be very busy at the moment.
and in the past to my knowledge ethereum has also decreased and even then not for long, and is getting better.

[FanEagle]

In these days ETH gas fee will down to 5$ per transaction why this happen?

There was even $1 at a time, but not for long. Obviously, the ETH network has been heavily spoiled by third-party directions in the ecosystem, such as DeFi or NFT. If you think back to what transaction prices were in the summer of 2021, it's clear that it was because of NFT trading on OpenSea. Look at OpenSea trading volumes now, their volume has dropped dramatically, hence the load on the Ethereum blockchain has dropped, as has the price of gas. There is a pattern to all of this.

Unfortunately, it is a self-increasing problem. Meaning that if it goes down, more people see it, and more people invest into it and more people start to spend more on gas fee and it increases all over again. I am not saying that it has to happen, just that it has been what happens so far in the past and I can see it happening again this time around as well.

Hopefully, it doesn't happen but I believe that the same thing could happen during this period as well. This is why I believe that 1-5 doesn't matter, it will always go back to 10-20 but then eventually it will go back to 5-1 levels and then it will go up and that is why it will never be stable.