ETHGas Price Plummets 92%, Hits All-Time Low Amid Ethereum Network Congestion

The price of ETHGas (GWEI), which tracks gas fees on the Ethereum network, plummeted by over 92% from its peak value in late June. In the past 24 hours, GWEI's price dropped to an all-time low of 0.042 GWEI, indicating minimal network congestion and user demand.

This decline in price was accompanied by a significant decrease in trading volume, which fell by 49% to around $20 million. The loss of trader interest in GWEI is evident, as both institutions and retailers were selling the token on centralized exchanges (CEXes) and decentralized exchanges (DEXes).

According to data from Etherscan, high fees were observed on NFT sales, indicating that demand on the Ethereum network was leaning towards this sector. The net volume showed a massive distribution event, with over 50 million GWEI worth around $1.40 million sold in 24 hours.

Despite the bearish market structure, there are signs of potential price recovery. A crossover on the MACD indicator has blinking green bars for the first time since July 7th, indicating that ETHGas may be on track for a rebound.