Ethereum (ETH) price corrects over 13% in a day after making a monthly high of $1655 last week as pressure mounts ahead of the FOMC meeting on July 27. Nansen CEO Alex Svanevik tweeted that Binance is using the low gas fees opportunity to move funds on Ethereum, with gas fee utilization jumping over 3000% in just an hour on Binance.
Binance CEO “CZ” replied and confirms the high utilization of Ethereum by users as gas fee drops to historic lows. The Ethereum gas fees dropping significantly before the Merge in September indicates possibilities of a successful transition from PoW to PoS.
Ethereum Transactions Jumps on Binance amid Low Gas Fees
According to Dune Analytics, the average gas fee reached 24 Gwei, a record low in a year. The minimum gas fee was reduced to 3 gwei, the current gas fee is 4 gwei, the ETH transfer cost is $0.34, and the ERC20 transfer cost is $0.67.
Nansen CEO Alex Svanevik reported a massive increase in Ethereum gas fees utilization on Binance on July 26. In fact, 28 ETH in total were spent as gas fees in just an hour on Binance, rising 3048% in an hour and 437% in the last 24 hours. Whereas, Coinbase is next on the list with just 5.35% and 135% jump in an hour and 24 hours, respectively.
Share of Gas Fees of Top 20 Spenders. Source: Nansen
“Looks like Binance is making good use of low gas fees to move funds on Ethereum – smart cz_binance.”
Alex Svanevik also reported that “90% of ETH transactions now use EIP-1559.” With the EIP-1559 having a significant role in Ethereum burning and the Merge, the prices will be deflationary after the Merge as the circulating supply will decline.
ETH Price Dives Lower Ahead of the FOMC Meet
The Ethereum (ETH) price plunges over 10% to the $1400 level before the Federal Reserve FOMC meeting on July 27. The FUD is rising with a 100 bps rate hike on the table. However, Fed officials and Chair Jerome Powell favored a 75 bps hike.
Crypto Tony shared that ETH has hit the first support at the $1400 level. The next two support levels are at $1350 and $1200.
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