Ethereum network fees have fallen to their lowest levels this year as the crypto markets continue to consolidate.
One of the few advantages of a down-trending market is a decline in demand for Ethereum and the resultant drop in gas fees.
According to BitInfoCharts, the average transaction fee on the Ethereum network has fallen to $3.70 — its lowest level since the end of December 2020.
The gas slump comes less than a month after average fees for transactions hit an all-time high of $70. This occurred on May 12 which coincided with the ETH price peak of $4,300 on the same day.
Gas prices are now at the lowest level seen in 2021 but are still over 500% higher than they were this time last year. In June 2020, average transaction fees were around $0.60 according to the chart.
The move has not gone unnoticed by Ethereum users, with one tweeting about the single digit gas.