If you have been planning to buy Ethereum NFTs then this is probably a good time, at least in terms of the gas fees involved. ETH gas fees have dropped significantly over the past few weeks, dipping below $3. Let’s take a closer look at the current ETH gas fees and why they’re getting cheaper.

Ethereum gas fees are falling

At 12:00 p.m. Sunday, ETH gas fees fell to $2.96 per transaction. Allegedly, the lowest level in over ten months. A similar price drop was seen in July last year when the crypto market crashed.

Additionally, mid-range ETH gas prices are much cheaper. A single medium-sized Ethereum transaction now costs just $1.56. To put things in perspective, on March 8th of this year, the figure was $3.73 per transfer.

In fact, Ethereum gas fees have been falling for the past few months. Also in March the values ​​have dropped significantly.

Why are ETH gas fees cheaper?

To understand why ETH gas fees are cheaper, let’s first discuss what exactly gas fees are. In short, these are the fees we pay Ethereum miners to validate transactions on the network. As network activity increases, transaction fees also increase. And vice versa – which is probably happening now.

A recent report by market research firm Santiment suggests that the cheaper gas fees are due to reduced interest in the Ethereum network.

“Ethereum fees have been so low over the past few days,” the report reads wrote. “We could even see that they were that low before previous lows…Low fees mean very little activity, no one interested in doing anything.”

Currently, Ethereum users are eagerly waiting for it the merging. This will further reduce ETH gas fees and also minimize the environmental impact.