Ethereum transaction fees have plummeted to 0.41 USD, down from 15.21 USD. This decline reflects a lack of network congestion, possibly signaling bearish market sentiment. Yet, lower fees often entice new investors, suggesting bullish prospects for ETH’s long-term price trends.

The upcoming Pectra hard fork is set to enhance Ethereum’s efficiency almost 29 months post-Merge. This upgrade includes critical improvements that could bolster market confidence and the ETH price, especially if broader market conditions improve.