{"id":430777,"date":"2024-10-08T04:30:16","date_gmt":"2024-10-07T23:00:16","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=430777"},"modified":"2024-10-07T15:43:22","modified_gmt":"2024-10-07T10:13:22","slug":"why-ethereums-fees-dropped-and-what-it-means-for-eth","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-ethereums-fees-dropped-and-what-it-means-for-eth\/","title":{"rendered":"Why Ethereum&#8217;s fees dropped, and what it means for ETH"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">The Dencun upgrade allowed multiple L2s to grow substantially.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">ETH\u2019s price action turned bullish in the last 24 hours.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After the Decun upgrade, <\/span><a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><\/a><span style=\"font-weight: 400;\"> witnessed major changes in the ecosystem. As a result, ETH\u2019s fees hit an all-time low. This also had a major impact on the token\u2019s deflationary characteristic. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But will ETH&#8217;s price see any impact?\u00a0<\/span><\/p>\n<h2><b>Is Ethereum changing?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">IntoTheBlock recently posted a <\/span><a href=\"https:\/\/x.com\/intotheblock\/status\/1842943070754451699?t=0C-pR_B8cD73O2hU7ZXDkg&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> that revealed quite a few important updates. Post Dencun, Ethereum Mainnet fees hit an all-time low as L2 transactions surged. EIP-4844 slashed L2 costs by 10x, driving record activity. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This heavily helped L2s as their number of transactions and usage surged in the recent past. However, there was more to the story. With fewer fees burned, ETH has turned inflationary, reversing its recent deflationary trend.<\/span><\/p>\n<figure id=\"attachment_430779\" aria-describedby=\"caption-attachment-430779\" style=\"width: 2164px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.31.19\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-430779 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.31.19\u202fPM.png\" alt=\"\" width=\"2164\" height=\"1086\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.31.19\u202fPM.png 2164w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.31.19\u202fPM-300x151.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.31.19\u202fPM-1024x514.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.31.19\u202fPM-768x385.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.31.19\u202fPM-1536x771.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.31.19\u202fPM-2048x1028.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.31.19\u202fPM-1200x602.png 1200w\" sizes=\"(max-width: 2164px) 100vw, 2164px\" \/><\/a><figcaption id=\"caption-attachment-430779\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Generally, deflationary characteristics are considered to be optimistic. This is the case, as whenever supply drops, it increases the chances of the asset&#8217;s price rising. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since the opposite was true for ETH on this occasion, AMBCrypto planned to dig deeper into its current state.\u00a0<\/span><\/p>\n<h2><b>What to expect from Ethereum?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, after a week of price drops, ETH bulls gained control of the market as its value increased by over 2% in the past 24 hours.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> At the time of writing, ETH was trading at $2,476.41, with a market capitalization of over $298 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">After the price uptick, more than 9 million Ethereum addresses were in profit, which accounted for over 50% of the total number of ETH addresses.\u00a0<\/span><\/p>\n<figure id=\"attachment_430780\" aria-describedby=\"caption-attachment-430780\" style=\"width: 2384px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.49.34\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-430780 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.49.34\u202fPM.png\" alt=\"number of Ethereum addresses in profit \" width=\"2384\" height=\"896\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.49.34\u202fPM.png 2384w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.49.34\u202fPM-300x113.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.49.34\u202fPM-1024x385.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.49.34\u202fPM-768x289.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.49.34\u202fPM-1536x577.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.49.34\u202fPM-2048x770.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.49.34\u202fPM-1200x451.png 1200w\" sizes=\"(max-width: 2384px) 100vw, 2384px\" \/><\/a><figcaption id=\"caption-attachment-430780\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">We then checked the token\u2019s on-chain data to better understand whether the change in characteristic would affect the king of altcoin\u2019s price in the coming days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per our analysis of CryptoQuant\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/eth\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\">, ETH\u2019s exchange reserve was dropping. This meant that buying pressure on the token was rising, which can be inferred as a bullish signal. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apart from that, our look revealed a few more bullish metrics. For instance, ETH\u2019s total number of coins transferred has increased by 158.76% in the last 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The total number of active wallets used to send and receive coins has also increased by 19.01% compared to yesterday.<\/span><\/p>\n<figure id=\"attachment_430781\" aria-describedby=\"caption-attachment-430781\" style=\"width: 2032px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.57.38\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-430781 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.57.38\u202fPM.png\" alt=\"ETH's transaction volume increased\" width=\"2032\" height=\"624\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.57.38\u202fPM.png 2032w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.57.38\u202fPM-300x92.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.57.38\u202fPM-1024x314.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.57.38\u202fPM-768x236.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.57.38\u202fPM-1536x472.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-07-at-2.57.38\u202fPM-1200x369.png 1200w\" sizes=\"(max-width: 2032px) 100vw, 2032px\" \/><\/a><figcaption id=\"caption-attachment-430781\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Since most metrics looked optimistic, AMBCrypto checked Ethereum\u2019s daily chart to find out more about what market indicators hunted at. <\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum\u2019s [ETH] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024\u20132025\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">As per our analysis, Ethereum was testing its 20-day simple moving average (SMA) resistance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A successful breakout could result in ETH touching $3.5k in the coming days. However, the MACD displayed a bearish advantage in the market, which hinted at a plummet to $2.2k.\u00a0<\/span><\/p>\n<figure id=\"attachment_430782\" aria-describedby=\"caption-attachment-430782\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ETHUSD_2024-10-07_15-14-49.png\"><img decoding=\"async\" class=\"wp-image-430782 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ETHUSD_2024-10-07_15-14-49.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ETHUSD_2024-10-07_15-14-49.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ETHUSD_2024-10-07_15-14-49-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ETHUSD_2024-10-07_15-14-49-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ETHUSD_2024-10-07_15-14-49-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ETHUSD_2024-10-07_15-14-49-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ETHUSD_2024-10-07_15-14-49-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ETHUSD_2024-10-07_15-14-49-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-430782\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum\u2019s fees dropped, causing it to turn inflationary. Will it impact ETH\u2019s price?\u00a0<\/p>\n","protected":false},"author":75,"featured_media":430786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427],"class_list":["post-430777","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Ethereum&#039;s fees dropped, and what it means for ETH - AMBCrypto<\/title>\n<meta name=\"description\" content=\"After the Decun upgrade, Ethereum [ETH] witnessed major changes in the ecosystem. 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