Source: Cointelegraph Original: "{title}"
According to data from the on-chain analysis platform Santiment, as activity on the Ethereum blockchain has slowed, the transaction costs on the Ethereum network have dropped to their lowest level in five years.
Santiment's market director Brian Quinlivan stated in a blog post on April 17 that the current transaction fee on the Ethereum network is approximately $0.168, and the decrease in fees coincides with a reduction in users sending Ethereum and interacting with smart contracts.
Quinlivan explained, "When a large number of users are using Ethereum, they tend to pay higher fees to expedite transaction confirmations, which drives up the average transaction cost."
"And when the number of transacting users decreases, as it is now, users do not need to pay such high prices. Therefore, the average fee decreases," he elaborated.
"This is essentially a supply and demand system."
Quinlivan noted that from a transaction perspective, low fees may suppress price rebounds. However, he added that traders seem to be patiently waiting to increase their trading frequency of Ether and other altcoins until global economic uncertainty passes.
Since U.S. President Trump announced broad tariff policies on April 2, both traditional and crypto markets have seen significant declines. Although most countries enjoyed tariff exemptions and a 90-day pause, many assets have yet to recover to levels seen before the announcement of the tariff policies.
According to CoinGecko, Ethereum has dropped over 12.5% in the past 14 days and has remained stable in the last 24 hours, hovering below $1,600.
"We have clearly seen that as prices genuinely threaten long-term support levels, the retail community's discussions about Ethereum and sensitivity to tariff/economic news have increased," Quinlivan said.
"The more the retail community distances itself from an asset, especially one that still has active development, the higher the likelihood that the asset will experience an unexpected rebound with almost no resistance," he added.
Pectra Upgrade Coming Soon
Due to configuration issues and disruptions caused by unknown attackers during the activation process of the Holesky and Sepolia testnets, the Ethereum network's Pectra upgrade has been delayed and is now scheduled to go live on the mainnet on May 7.
The first phase is expected to triple the blob capacity of Layer-2 from three times to six times, reducing transaction fees and network congestion, and allowing the use of stablecoins like USDC and DAI to pay fees.
The maximum staking limit will also increase from 32 Ether to 2,048 Ether.
The second phase of Pectra is expected to launch at the end of 2025 or early 2026, introducing new data structures to improve data storage efficiency and a system that allows nodes to verify transaction data without storing the entire dataset, thereby enhancing scalability.
The Pectra fork follows the Ethereum Dencun upgrade in March 2024, which significantly reduced transaction fees on Layer-2 networks and improved the economic model of Ethereum rollups.
Related: Pitchbook: AI accounted for nearly 60% of global venture capital in the first quarter.
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