Ethereum’s Accumulation Trend Remains Unfazed by Price Downturn

Respite for Ethereum Transaction Fees

However, this wasn’t the only positive development in the Ethereum ecosystem. Ethereum’s network transaction fee has been a bone of contention for quite some time now. The transaction fee figures skyrocketed on the 2nd of September when it climbed to an ATH of $14.58 owing the mounting DeFi craze which led to a huge scale congestion on the network. After a brief respite, the transaction fee soared again to $11.61 a few days later.

However, at the time of writing, the figures declined to $3.85. To counter the prolong fees issue, Ethereum developers had recently introduced an Ethereum Improvement Proposal, EIP-1599, which aimed to reduce the fees further and, in turn, proposed to increase the gas limit [the unit of account which represents the cost of computing on the Ethereum network] by doubling the current limit.