Ethereum
Ethereum Gas Base Fee Drops to 0.0673 Gwei as Daily Trading Range Contracts
Network gas base fees on Ethereum fell to a fraction of their weekly average while ether traded in its tightest daily range in nearly a week.
Ether was changing hands at $2,504 (€2,237) on Sunday afternoon, moving by just 0.15% over 24 hours. The daily trading band between $2,495.23 and $2,510.93 spanned 0.63%, marking the narrowest price range since October 6 and extending a four-day contraction in volatility on Coinbase. Over a rolling 24-hour window, the token moved between $2,495.23 and $2,517 ahead of the upcoming U.S. consumer price report.
While price action stalled, on-chain metrics showed a sharp drop in network activity costs. Data from ultrasound.money on October 11 recorded an average base fee of 0.0673 gwei over the prior 24 hours, down to one-sixth of the seven-day average of 0.4210 gwei. Intraday base fees fluctuated between a low of 0.0510 gwei and a high of 0.1551 gwei, well below the monthly average of 0.3812 gwei and the historical average of 18.827 gwei recorded since August 2021.
The reduced fee environment presents contrasting implications for network participants. Although executing standard 21,000-gas transfers now costs fractions of a cent—lowering expenses for users moving funds to private wallets—the lower activity levels have also drastically reduced the volume of ether burned to counterbalance regular token issuance.
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