Santiment: Ethereum network gas fees drop to a 6-month low, possibly signaling an altcoin rebound

ChainCatcher news, the crypto analytics company Santiment indicates that the average transaction fee level on the Ethereum network has dropped to just $1.12 per transaction, the lowest daily average cost since October 18, 2023.

Traders switch between emotional cycles, sometimes feeling that cryptocurrencies will "fly to the moon," and sometimes feeling that they "are dead," which can be observed through transaction fees. These fees often peak at price tops (sometimes diverging) and return to a standstill at price bottoms.

In the context of a market pullback over the past 6 weeks, insufficient demand and network pressure may help to more quickly reverse the situation for ETH and related altcoins, which could exceed many people's expectations.