Ethereum experiences record-low gas fees amid ETF uncertainty.

Author : Andrew Stauss | Published On : 29 Apr 2024

Ethereum’s current market capitalization stands at approximately $390.88 billion, with a circulating supply of 120 million ETH. Its recent trading volume of over $13.46 billion demonstrates robust market activity. Additionally, Ethereum has reclaimed its position above the key 0.049 level, an important metric for traders monitoring its price trajectory.

However, concerns remain regarding the likelihood of an Ethereum Spot ETF approval, with probability dropping to 11% as the decision deadline nears. Conversely, the drop in average transaction fees to $1.12 signals reduced network demand, potentially indicating a near-term price bottom and market turnaround.