On Feb. 28, gas fees on Ethereum fell back to the $11.21 level. This is a considerable drop since transaction prices skyrocketed above $38.21 on Feb. 23.
Currently, an average transaction on Ethereum costs around $10.80, according to Etherscan.io.
As for the decentralized finance (DeFi) sector, a single token swap on Uniswap, Ethereum’s most prominent decentralized exchange (DEX), could cost anywhere between $217 and $286, depending on its priority:
Where Is Ethereum Heading Next?
The drastic surge in Ethereum (ETH) transaction fees occurred at a time when the whole crypto market crashed into the red zone on Feb. 22. On that day, ETH prices dipped below $1,700, falling over 12% on the day.