Santiment Indicates An ETH Rally As Transaction Fee Drops
According to Santiment, Ethereum gas fees have experienced a notable decrease that could put ETH in a breakout range of $1,900.
This decline in transaction costs is a much-needed respite, especially considering the sudden fee surge observed earlier this month.
In the early days of July, users of Ethereum encountered excessively high network gas fees, with transaction costs reaching a staggering $7.40 per transaction.
However, the research conducted by Santiment reveals a significant decrease in these fees, with the average price now standing at approximately $5.16.
Santiment suggests that this decrease in gas fees could have a bullish impact on Ethereum's market direction, leading to a possible breakout towards the $1,900 price level.
This prediction aligns with the positive sentiment surrounding the improved affordability of Ethereum transactions, which may attract more users and investors to the platform.
Ether (ETH) has the potential to surpass $1,900 again in the coming weeks or months.
At the time of writing, the price of Ethereum is $1,882.59, with a current market cap of $226.30 billion.
Over the past 24 hours, Ethereum has experienced a slight increase of 0.04%, and its circulating supply is 120.21 million.
Additional metrics, such as daily active addresses, social volume, and development activity, also indicate positive prospects for the price of ETH.
As reported by Santiment, the daily active addresses on the Ethereum network witnessed a significant surge, reaching 303.64 thousand.
The number of ETH holders has also reached 71.7 million. Moreover, the development activity on the blockchain, which supports smart contracts, has shown impressive growth of over 104% in the last 30 days.
Considering these favourable
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