With the DeFi and NFT spaces recording declining activities, so too have Ethereum (ETH) gas fees plunged significantly. Currently, reports show that transactions on the ETH network cost between 20 to 24 Gwei, depending on the time required for transaction completion.
Crypto analytics and aggregation platform Cryptorank reports that the current gas fee on the ETH network is at its lowest level since last August. Ethereum gas fees have shed over 90% in the last three months.
Gas fees on ETH have been on a steady decline since the beginning of 2022, amid the plummeting market activity. Recent reports show that a low-speed confirmation transaction of 6.45 minutes would cost only 20 Gwei. A medium-speed transaction of 2 minutes would cost 22 Gwei. And a high-speed transaction of 45 seconds would cost 24 Gwei.
Meanwhile, the Total Value Locked (TVL) in Ethereum’s DeFi space has also dropped to its lowest level on record. According to a report by DeFi Llame, Ethereum’s share of DeFi TVL recently fell below the 55% level for the first time. Currently, the total Ethereum DeFi TVL stands at $109 billion, accounting for 54.5% of the total DeFi market valuation.
To make matters worse, several blockchain protocols have been dumping Ethereum for other blockchains of late. Despite being the obvious market leader, blockchain ecosystems like Terra, Avalanche, Binance Smart Chain (BSC), and Fantom have become a preferred operation base for many projects fleeing Ethereum’s excessive transaction fee and low throughput.
Key Ethereum Levels to Watch — March 11
As the market continues to struggle with low activity, ETH maintains a bearish slide despite its breakout from the bearish channel in early February. The current trading volume drought is visible on the daily MACD indicator, which shows a leveling pattern of the lines following the breakout in February.
That said, the second-largest cryptocurrency has been recording lower highs over the past two days after a rejection from the 50 SMA at $2,750.
Meanwhile, my resistance levels are $2,650, $2,750, and $2,800, and my support levels are $2,480, $2,400, and $2,300.
Total Market Capitalization: $1.73 trillion
Ethereum Market Capitalization: $307.6 billion
Ethereum Dominance: 17.7%
Market Rank: #2
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