Ethereum Median Gas Price Hits 3-Year Low, ETH Price Action Ahead?
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Ethereum Gas Fee Drops: Ethereum's median gas price hits a 3-year low at 6.43 gwei, indicating reduced network activity.
- Market Sentiment Shift: Traders' sentiment shifts as transaction fees decrease during market retracement, potentially leading to a quicker recovery for Ethereum and altcoins.
- ETH Price Action: Ethereum fails to sustain a move above $3,300, trading below key resistance levels with support around $3,165 and potential downside targets.
- ETF Approval Uncertainty: The likelihood of a spot Ethereum ETF approval diminishes as the SEC expresses interest in discussing the investment product.
- Overall Outlook: Despite recent price fluctuations, there are indications of a possible turnaround for Ethereum, with key support and resistance levels to watch.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
