Key Takeaways
Why are Ethereum gas fees near zero?
Because network activity has slowed, pushing gas prices down to just 0.067 Gwei.
Is Ethereum still dominant despite the slowdown?
Yes. $84.9 billion in new stablecoins have been added to Ethereum over the past 12 months.
Ethereum [ETH] is unusually quiet right now.
Network demand has dropped to a rare point where gas costs are near-zero. Yet, capital is still stacking up in stablecoins and large holders aren’t backing off their exposure.
Is ETH about to break out in flying colors, or is the market looking elsewhere for momentum?
Gas fees collapsed as activity faded
Ethereum’s Average Gas Price fell to around 0.067 Gwei. This is one of the lowest readings of the year.
There’s a slowdown in network usage, with demand well below the spikes seen in mid-October.
For traders, this is a near-perfect environment. Transactions are cheap, friction is minimal, and cost-sensitive flows like arbitrage and stablecoin transfers can scale efficiently.
But for Ethereum itself, it’s a different picture. Lower fees also reduce Ethereum’s revenue, and if this continues, it could challenge the sustainability of ETH’s current economic model without more on-chain activity.
Here’s what’s interesting…
Over the past 12 months, $84.9 billion in new stablecoins have been added on Ethereum. This is more than all other blockchains combined, which saw a total of $48 billion.
The numbers make it obvious where most real liquidity still sits. Even with falling gas fees and subdued activity, Ethereum remains the dominant hub for stablecoin supply.
Whales are betting big on ETH
Adding to the mix, whales are turning increasingly bullish.
On-chain data showed that whale Machi expanded his 25x leveraged long to 5,600 ETH worth around $20 million, sitting on nearly $1 million in floating profit despite an overall negative portfolio.
Meanwhile, the “Anti-CZ Whale” flipped from shorting to holding 32,802 ETH ($119.6 million) with $15 million in unrealized gains. These moves indicate confidence among major players.
On the charts, ETH had rebounded above $3,600 at press time.
RSI recovered from oversold levels and the MACD showed a potential bullish crossover. This adds technical weight to the optimism for a possible breakout.