Analyst: Ethereum Gas fees hitting bottom may indicate its price is at a mid-line low

ChainCatcher news, according to CoinDesk, Bitget Research's chief analyst Ryan Lee stated that every time the ETH gas fees hit a low, it often indicates a mid-term price bottom. The price of ETH tends to rebound strongly after this cycle, and when this moment coincides with a rate cut cycle, the market's wealth effect is full of possibilities.

Lee noted that Ethereum's gas fees have dropped to their lowest level in five years, which can be attributed to the popularity of memes and the migration of Dapp interactive users to other faster and cheaper blockchains, such as Solana and Layer 2. Additionally, the Dencun upgrade has also improved network efficiency, thereby reducing gas fees.