Ethereum Network Fees Drop 70% in a Month

In early May, Ethereum’s average fees surged to $14 due to an increase in address activity.

According to EtherScan, the daily number of transactions on Ethereum reached 1.19 million by the middle of the month.

However, due to weakening demand from consumers, the fees dropped by 69% to $4.2 at the end of May.

This downward trend also coincided with ETH briefly breaking above $2,000, only to later fall to $1,870 on the night of June 2.

Despite the recent losses, the bullish scenario still remains due to a decrease in the volume of Ethereum stored on crypto exchanges.

Santiment predicts that Ethereum will make a comeback in the weeks ahead, bouncing back above $1,900 or even $2,000.