Ethereum transaction fees have decreased by over 70% recently, dropping to 7,500,000 USD from 23,000,000 USD due to a gas limit increase. This significant reduction raises the potential for increased network activity.
Exchange reserves of Ethereum fell sharply from 19,700,000 ETH to 18,800,000 ETH, indicating a potential supply squeeze and signaling that investors are opting for self-custody.
Despite improved metrics, Ethereum remains down 1.1% year-on-year, lagging behind Bitcoin and Solana. For a bullish breakout, prices must overcome the resistance levels around 2,800 USD.
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