After the Ethereum Merge update, crypto lovers expected that the transaction costs would not increase again. However, recently, the gas fee exceeding 150 gwei has caused criticism.
In the ETH network, where gas fees have increased since the beginning of the year, the situation was quickly reversed. After the annual peak in May, the transaction price is rapidly decreasing. The instant gas metric hovers around 20 gwei, according to the latest chart from on-chain data tracker CryptoQuant.
The decrease in transaction fees shaped by the supply-demand relationship has led investors to worry about Ethereum. Although gas fees are generally interpreted in parallel with the interest in the ETH network, the situation is different this time.
Number of Active Users is Stable
Although the fees vary significantly in the #1 altcoin ecosystem, there is no negative situation on the active user side. According to data tracker DeFiLlama, the number of daily ETH users has been moving around 300-400 thousand for a long time.
The number of new users joining the Ethereum network continues to be below the last bull market. In the spring of 2021, an average of 150 thousand new wallets came to the ETH network per day, while today this figure is around 60-70 thousand.
ETH Price
Ethereum’s cryptocurrency, ETH, is trying to make up for its losses after industry-based risks ease.
ETH, which found support at $1,630 on June 15, faced the selling of bears at $1,770 resistance. Ethereum bulls, who are currently buying at $1,731, can push the price up to $1,900 if they can overcome the resistance. One of the technical indicators, Relative Strength Index RSI, is in a “neutral” position with 54.62 points.
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