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The Ethereum Gas Fee Drops Drastically.
• ETH reached an all-time high of $4,953.73 on August 16, now trading at $4,703.
• Gas fees fell to an all-time low of 0.396 gwei, staying below 1 gwei for a whole week.
• The market capitalization stands at $576.64B with a trading volume of $49.78B in the last 24 hours.
• Technical indicators show a positive MACD, but RSI is approaching the overbought zone.
• Technical improvements, including EIP-1559 and the transition to Proof-of-Stake, have enhanced network efficiency.
• Layer 2 solutions (Arbitrum, Optimism, Base) are attracting traffic away from the main network.
• On-chain metrics show a reduction in the number of transactions despite the price spike, indicating potential bearish divergence.
• European markets show the greatest regional impact (+121.90%), while Asian markets retreated (-45.80%)
