Several positive developments have been cited lately around the Ethereum blockchain network, one of which is the recent significant drop in the network’s transaction fees after a period of extremely high costs, which has historically been a major challenge for users.

Ethereum Transaction Cost At A New Low

The average transaction fees on the Ethereum network have fallen sharply to new lows, offering users relief as they enjoy cheaper transactions. Santiment, a leading market intelligence and on-chain data platform, reported the advancement in a recent post on the X (formerly Twitter) platform, reflecting a notable drop in on-chain activity and a rise in the adoption of scaling solutions.

It is important to note that as the blockchain approaches its tenth year of existence, transfer fees have undergone significant changes over time. This result suggests that the Ethereum network is becoming more efficient, potentially leading to increased acceptance and usage as the high transaction costs become less of a barrier.

According to data from Santiment, Ethereum’s average transaction cost is presently valued at $1.63, which is a reasonable amount that has prompted traders to make more transfers in the past. Santiment further shared a chart offering insights on ETH’s transaction costs at certain levels.

In the 4-tier visual illustration, the platform highlighted that when ETH average network fees are under $2, it enhances utility, which is common with market bottoms. Meanwhile, the fees usually range between $2 and $6 during flat or chopping markets.

Also, Santiment noted that fees higher than normal, between $6 and $10, typically occur when FOMO increases during bull runs. Lastly, when Ethereum’s transaction costs are above $10, there is suppression of utility, mostly common with market tops.

Since the market is stabilizing, Ethereum’s lower gas prices may help keep the ecosystem’ Decentralized Apps (dApps) and Decentralized Finance (DeFi) protocols moving forward as it reduces the obstacle to participation faced by many individuals over time.

ETH’s Price Heading Toward The $2,400 Level Soon?

Despite these positive advancements in the network, ETH’s price is still demonstrating a bearish movement. It is currently approaching $2,600, a level last seen over a week ago following a broader market recovery. As the altcoin continues to struggle, experts at IC News have pointed out the potential for further price decline to the $2,400 level.

According to IC News, Ethereum’s price is retesting the triangle pattern trendline as a possible support with a long-red candle of 2.7%. Supported by $19.2 billion in trading volume, the drop indicates sellers’ determination to prevent more rallies.

The platform claims a daily ETH candle falling below the 100-day Exponential Moving Average (EMA) and $2,650 due to bearish momentum may provide bears with the right strength to drive prices lower. As a result, ETH could experience a price drop of about 9% looking for support at $2,400.

Featured image from Unsplash, chart from Tradingview.com

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

Crypto enthusiasts are once again demonstrating their confidence in Ethereum, the second-largest digital asset capability in the ongoing cycle, with some experts predicting that ETH could be witnessing a historical price rally to unprecedented heights at the peak of this bull cycle. These experts point to past market trends and ETH’s robust growth as key markers of its long-term potential.

Ethereum’s Massive Rally May Hinge On Key Breakout

Ethereum’s price could be set for a historical run as a crypto analyst and investor, Trader Tardigrade, has predicted a major breakthrough for ETH to a new all-time high, particularly the $10,000 milestone in the current bull cycle.

The market expert shared the audacious prediction on the X (formerly Twitter) platform, which is part of a larger belief that the altcoin could spearhead the much-anticipated altcoin season. Trader Tardigrade made the forecast after observing ETH’s performance from several previous breakouts from a Symmetrical Triangle pattern on an Ascending Trendline.

In the X post, the analyst highlighted that the altcoin is currently trading on an ascending trendline with symmetrical triangles, potentially signaling the start of a significant price surge. Specifically, this pattern emerges when a descending line connecting the highs and an ascending line connecting the lows converge, which suggests a period of consolidation prior to a possible downward or upward breakout.

According to Tardigrade, since 2022, Ethereum has formed about 3 symmetrical triangles on the ascending trendline. The first breakout for the bullish pattern led to an over 70% price increase, and the second breakout from the formation triggered a more than 140% upswing for the crypto asset.

Meanwhile, Tardigrade noted that the altcoin has broken out of the third symmetrical triangle. As a result, the expert predicts ETH might reach the $10,000 milestone if the current breakout produces an over 280% increase, which is projected to be twice as much as the previous upswings.

Considering several positive developments seen around ETH and the Ethereum blockchain network, coupled with bullish market sentiment, this symmetrical triangle breakout could act as a trigger for explosive growth in the upcoming months.

ETH’s Recent Upside Price Momentum Turns Bearish

Today, the general crypto market saw a negative move, halting the renewed momentum of major cryptocurrency assets like Ethereum. The downswing seems to have sparked a bearish outlook for ETH as the altcoin is approaching the $2,600 level once again since last Thursday.

ETH is presently demonstrating a nearly 3% decline in the last 24 hours, bringing its value to $2,632. This bearish movement has impacted investors‘ and traders’ confidence in ETH, highlighted by a decrease in its market cap and trading volume by about 2.65% and 13.83% in the past day.

Featured image from Unsplash, chart from Tradingview.com