The Ethereum network had its cheapest day in over six months, which could suggest altcoins could rally “sooner than many may expect.”
Gas fees on the Ethereum network have plunged to a six-month low even as the price of Ether (ETH) rallied slightly over the weekend, which analysts from crypto analytics platform Santiment say could signal an upcoming altcoin rally.
On April 27, the average fee for an Ethereum translation fell as low as $1.12, according to an April 28 X post from Santiment.
“Traders historically move between sentimental cycles of feeling that crypto is going ‘To the Moon’ or feeling that ‘It Is Dead’, which can be observed through transaction fees,” wrote Santiment.