$ETH

The volume of Ethereum burned as a result of transaction fees in the network has reached an all-time low of 53.07 ETH (around $110,600 at the time of writing), indicating a decrease in demand for the blockchain.

The EIP-1559 improvement introduced in Ethereum has simplified the fee payment process and involves burning the entire amount of the asset spent on the base transaction fee. This approach aims to reduce inflationary pressure and potentially provides a deflationary nature to Ethereum during times of active network usage.

Meanwhile, Standard Chartered Bank has significantly lowered its price forecast for Ethereum in 2025 — from $10,000 to $4,000. The reason is the development and scaling of layer two solutions, particularly Base, which, according to Jeffrey Kendrick, head of digital asset research at Standard Chartered, is achieving "super profits" in the Ethereum ecosystem.