Bitget Analyst: Lower Ethereum Gas Fees Could Be a Bullish Signal

Odaily reports that Bitget Research's chief analyst, Ryan Lee, stated that whenever ETH's gas fees hit rock bottom, it often signals a mid-term price floor. The price of ETH tends to rebound strongly after this cycle. When this moment coincides with a period of interest rate cuts, the market's wealth effect is full of possibilities.
Earlier this week, Gas fees dropped to 0.6 gwei (gas unit), and low-priority transactions only required 1 gwei or less. This situation has been rare in recent years. Compared to the level of 83.1 gwei when network activity surged in March, these fees have dropped by more than 95%. (Coindesk)