Ethereum gas fees have fallen to their lowest since August 2021. Data from the investment research platform YCharts shows the last Ethereum average gas cost was 35.17, worth around $2.
According to Etherscan gas tracker, currently the average price for a transaction is 70 gwei ($3.12). Gas fees mainly depend on the network activity and the price of Ether as the unit of calculation, Gwei also known as nanoether is a smaller denomination of Ether.
Currently, Ether trades at around $2,600. The price of the token increased by 3% in the last 24 hours. It's still 46% lower than the all-time high of $4,890 reached on November 16.
In general, interest in DeFi and NFT spaces fell compared to late 2021, which is another reason for the Ethereum network’s fee decrease.
Ethereum users need to pay for transactions as a compensation for the work and computing energy that network participants, miners and node operators provide. High fees has been a central issue for the network which is assumed to be solved through L2 solutions and with the launch of Ether 2.0.