If you’ve been considering purchasing Ethereum NFTs, now is an excellent moment to do it, at least in terms of the gas expenses involved. In recent weeks, ETH gas fees have dropped dramatically, plunging as low as $3. Let’s look at the current Ethereum gas fees and why they’re getting lower.

The cost of Ethereum gas is decreasing.

ETH gas prices have reduced to $2.96 per transaction as of 12:00 p.m. on Sunday. This is the lowest it has been in over 10 months, according to reports. Last year, when the crypto market fell in July, a similar price decline occurred.

In addition, the median ETH gas costs are significantly lower. A single Ethereum transaction of the median size currently costs as little as $1.56. To put things in perspective, the amount was $3.73 per transfer on March 8 of this year.

In reality, Ethereum gas fees have been steadily decreasing in recent months. The values fell dramatically in March as well.

Why Are ETH Gas Fees Less Expensive?

To understand why ETH gas prices are less expensive, first consider what gas fees are. In a word, these are the fees we pay to Ethereum miners to confirm network transactions. Transaction fees rise in tandem with network activity. And vice versa, as is most certainly the case right now.

According to a recent research by market intelligence firm Santiment, the lower gas fees are due to a drop in interest in the Ethereum network.

“Ethereum fees have been extremely cheap in recent days,” the article stated. “Even before prior bottoms, we could detect they were so low… Low fees imply a lack of activity; no one wants to do anything.”

At the moment, Ethereum users are anxiously anticipating the merger. This will reduce ETH gas expenses even more while also reducing environmental concerns.

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