Ethereum network transaction costs have dropped to a five-year low due to reduced on-chain activity. Currently at $0.168 per transaction, the lower fees reflect fewer people sending ETH or interacting with smart contracts. When usage is high, users bid up fees to speed up confirmations, but the reverse happens when activity declines. While low fees might hinder a price rebound, traders seem to be waiting patiently for global economic uncertainties to pass before increasing their trading frequency in Ethereum and altcoins.
