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While the Bear Market’s Claws Drag ETH Prices Down, Ethereum Network Fees Remain Low

While ethereum prices jumped 61% higher during the last 30 days, the crypto asset’s U.S. dollar value is still down more than 60% lower than ether’s all-time high recorded nine months ago. Amid the market downturn, the network’s average fees have been lower than $5 per transaction and on July 30, at 9 p.m. (ET), the average fee was roughly 0.001 ether or $1.70 per transfer. Moreover, the Gas Tracker on etherscan.io recorded even cheaper transfers this weekend, as transactions in the $0.18 to $0.66 range have been confirmed by ethereum miners.

Low through high Ethereum network transfer fees recorded by etherscan.io were between five to six gwei per transfer on July 30. These values are a lot different from the transfer costs recorded nine months ago when ETH reached $4,878 per unit.

While July 30 fees were between five to seven gwei, the lowest fee on November 9, 2021, was 171 gwei or $12.83 per transfer. The cost of an ERC20 transaction was $39.71 and a decentralized exchange (dex) trade was $122.18.

What do you think about Ethereum fees continuing to remain low during the last 30 days? Let us know what you think about this subject in the comments section below.

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