Ethereum Gas fees at Lowest Levels Since August 2021
The average gas price on Ethereum has been significantly declining since the beginning of the year, going from 218 Gwei on January 10 to 40.82 on Wednesday.
Gas prices for Ethereum blockchain transactions have decreased to their lowest levels since August. They are, however, not inexpensive. According to Coin Metrics data published by CryptoRank Platform, the seven-day moving average cost of an Ethereum transaction was $11.14 on Wednesday, bringing it down to levels seen in the middle of last year before soaring to as high as $55 towards the end of 2021.
There appears to be minimal network congestion at the time of writing. According to Etherscan data, gas fees range from 30 Gwei ($1.53) to 32 Gwei ($1.64) for a low-speed confirmation to 32 Gwei ($1.64) for a high-speed confirmation.
The average gas price of Ether (ETH) has been drastically declining since the start of the year, plunging all the way from 218 Gwei on January 10 to 40.82 Gwei as of Wednesday, according to statistics.
Despite the growth that Ethereum's non-fungible token (NFT) and decentralized finance (DeFi) sectors have experienced in 2021, the network has been criticized on several occasions for its exorbitant gas fees.
Lower congestion and fees appear to be linked to decreased speculation or interest in NFTs and DeFi at the beginning of this year compared to late 2021.