Ethereum’s network fees have dropped to some of their lowest levels in recent months, with an average of $1.13 recorded this week. According to crypto analytics firm Santiment, this could be a sign that ETH is preparing for a price rebound.The last time Ethereum gas fees went below $1.15, ETH experienced a price bottom, which eventually corrected and led to a rise in utility. Santiment believes that lower ETH costs generally increase the probability of a utility and price rise.The amount of ETH outside exchanges has also hit an all-time high, with approximately 110,000 ETH worth roughly $181 million leaving crypto exchanges on Wednesday. This is the lowest amount of ETH on exchanges since May 2018.The launch of ETH futures exchange-traded funds (ETFs) in the U.S. has also raised investors’ hopes about the price of ETH hitting and possibly crossing the $2,000 mark before 2023. Although ETH leaped by 4% at the time of the launch, it lost the gains within 24 hours and, by the time of writing, was hovering around $1,640. The trading volumes of the nine ETH futures ETFs have been lower than expected.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	None
Companies	Volshares, Santiment, PrimeXBT, Bitwise, Valkyrie, Hashdex, Binance, Kelly, VanEck, ProShares
Currencies	Ethereum, Bitcoin, Euro, US Dollar
Securities	None