{"id":342944,"date":"2024-07-12T18:00:21","date_gmt":"2024-07-12T12:30:21","guid":{"rendered":"https:\/\/dripp.zone\/news\/eth-gas-fee-flashes-inactivity-concerns-before-ethereum-etf-approval-crypto-news\/"},"modified":"2024-07-12T18:06:20","modified_gmt":"2024-07-12T12:36:20","slug":"eth-gas-fee-flashes-inactivity-concerns-before-ethereum-etf-approval-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eth-gas-fee-flashes-inactivity-concerns-before-ethereum-etf-approval-crypto-news\/","title":{"rendered":"ETH Gas Fee Flashes Inactivity Concerns Before Ethereum ETF Approval &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Ethereum investors are currently sitting on the edge of their seats eagerly awaiting the approval of spot Ethereum ETFs by the U.S. SEC. However, just before the final decision on ETF approval, the Ethereum gas fee dropped to a two-month low suggesting major inactivity on the Ethereum network.<\/p>\n<h2>Ethereum Gas Fee Drop Suggests Major Inactivity<\/h2>\n<p>On-chain data provider Cryptoquant has released a new chart highlighting the recent trend in the average Ethereum gas fee (gwei). As per the below chart, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/glossary\/gas-fees\/\">gas fee<\/a> has dropped to the lowest level since May 2024, indicating a sharp drop in the activity on the Ethereum blockchain network. Historically, the chart shows a strong correlation between the rising gas fees and the increasing <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/ethereum\/\">ETH price<\/a>.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<figure id=\"attachment_207208\" aria-describedby=\"caption-attachment-207208\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-207208\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/07\/Ethereum-Gas-Fee.webp\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/07\/Ethereum-Gas-Fee.webp 1280w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/07\/Ethereum-Gas-Fee-300x169.webp 300w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/07\/Ethereum-Gas-Fee-1224x689.webp 1224w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/07\/Ethereum-Gas-Fee-768x432.webp 768w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/07\/Ethereum-Gas-Fee-678x381.webp 678w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/07\/Ethereum-Gas-Fee-150x84.webp 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-207208\" class=\"wp-caption-text\">Courtesy: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66909cef840887109d23bed0-Ahead-of-the-Upcoming-Approval-of-the-ETH-Spot-ETF\">Cryptoquant<\/a><\/figcaption><\/figure>\n<p>This decline in gas fees raises the question of whether it is calm before the storm, especially with the anticipated approval of the spot Ethereum ETF on the horizon.<\/p>\n<p>On the other hand, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/trending\/32-7-million-ethereum-staked-nears-ath-what-is-fueling-this\/\">Ethereum staking activity<\/a> has peaked at new all-time high levels ahead of ETF approval. Ethereum whales have been accumulating the coins in the last few weeks and moving them to staking.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p><noscript><link rel=\"stylesheet\" id=\"quads-style-css-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/quick-adsense-reloaded\/includes\/gutenberg\/dist\/blocks.style.build.css?ver=2.0.82\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"dscf7-math-captcha-style-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/ds-cf7-math-captcha\/assets\/css\/style.css?ver=6.5.3\" type=\"text\/css\" media=\"1\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"logdash-activity-log-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/plugins\/logdash-activity-log\/assets\/build\/index.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"parent-style-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/style.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"bootstrap-css-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/bootstrap.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"Carousel-css2-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/owl.carousel.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"Carousel-css-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/css\/owl.theme.default.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-magazine-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/style.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-font-awesome-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/includes\/font-awesome.min.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"tablepress-default-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/tablepress-combined.min.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/maincss.css?ver=1720615900\"\/><\/noscript><\/p>\n<p>A day before, Tron founder <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/justin-sun-buys-5-million-in-eth-ethereum-etf-approval\/\">Justin Sun<\/a> accumulated a massive $5 million worth of ETH. Since February, Sun has been on an ETH accumulation spree and holds $1.1 billion of ETH, expecting a strong surge after the ETF approval.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/ethereum-investors-ready-to-sell-eth-as-it-hits-3-2k\/\">Ethereum Investors Are Ready To Sell ETH As It Hits $3.2K<\/a><\/p>\n<h2>Ethereum ETF Approval and ETH Price Action<\/h2>\n<p>The Ethereum price attempted to break past the $3,200 level on Thursday, however, the bull failed in this attempt pushing ETH back to $3,070. for ETH to reclaim the bull run, it has to surge past $3,200 giving a technical breakout above the diagonal formation as visible in the below chart.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> \u2013 I\u2019m still positioned to expect upside and still think we go up but we haven\u2019t reclaimed the diagonal and OBV hasn\u2019t broken out yet. That OBV V shape looks really good and I\u2019m betting on UP. But have to keep bias in check if we reject both of these. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/xAy5wWiFCf\">pic.twitter.com\/xAy5wWiFCf<\/a><\/p>\n<p>\u2014 IncomeSharks (@IncomeSharks) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IncomeSharks\/status\/1811443663236747672?ref_src=twsrc%5Etfw\">July 11, 2024<\/a><\/p>\n<\/blockquote>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p>Bitwise CLO Katherine Dowling recently said that the Ethereum ETF is currently close to the finish line. Prospective issuers are eagerly waiting for the SEC to provide updates on the pending launch. It will be interesting to see whether there are more filings pending ahead of the final approval.<\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/bitwise-executive-says-ethereum-etf-is-close-to-the-finish-line\/\">Bitwise Executive Says Ethereum ETF Is Close to the Finish Line<\/a><\/p>\n<p><noscript><link rel=\"stylesheet\" id=\"quads-style-css-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/quick-adsense-reloaded\/includes\/gutenberg\/dist\/blocks.style.build.css?ver=2.0.82\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"dscf7-math-captcha-style-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/ds-cf7-math-captcha\/assets\/css\/style.css?ver=6.5.3\" type=\"text\/css\" media=\"1\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"logdash-activity-log-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/plugins\/logdash-activity-log\/assets\/build\/index.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"parent-style-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/style.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"bootstrap-css-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/bootstrap.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"Carousel-css2-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/owl.carousel.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"Carousel-css-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/css\/owl.theme.default.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-magazine-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/style.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-font-awesome-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/includes\/font-awesome.min.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"tablepress-default-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/tablepress-combined.min.css?ver=1720615900\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/maincss.css?ver=1720615900\"\/><\/noscript><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p>                                <!-- \n\n<div class=\"desktopPostEnd d-on\"><\/div>\n\n --><\/p>\n<div class=\"m-on mobiless\">\n<div id=\"social-section-new\">\n<p>\u2713 Share:<\/p>\n<p>                                  <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new wp_new\" href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/coingape.com\/eth-gas-fee-flashes-inactivity-concerns-before-ethereum-etf-approval\/\" style=\"display: block\">  <i class=\"fa fa-whatsapp\"\/><\/a><\/p>\n<div>\n                                <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new tw_new_logo\" href=\"https:\/\/twitter.com\/intent\/tweet?text=https:\/\/coingape.com\/eth-gas-fee-flashes-inactivity-concerns-before-ethereum-etf-approval\/\"><br \/>\n  <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\" class=\"mb-1\" alt=\"coingape\" width=\"30\" height=\"30\"\/><br \/>\n<\/a>\n                                <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>          <!-- \n\n<div class=\"m-on pl-2 pr-2\">\n            \n\n<div class=\"row\">\n            \n\n<div class=\"col-6 pr-2\">\n         \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-7-crypto-marketing-firms-of-the-year\/?utm_source=abovesidebartabnews&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/15175104\/top_crypto_marketing_agencies.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top Crypto Marketing Firms \/ Agencies 2023; 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decoding=\"async\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10.jpg 640w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10-225x300.jpg 225w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10-150x200.jpg 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/div>\n\n\n                \n\n<div class=\"Educontent\">5 Reasons behind Mega Bank\u2019s 2024 Ethereum Price Prediction <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n     \n                              \n          <\/div>\n\n\n    \n          \n \n    \n            \n    <\/div>\n\n        --><\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum investors are currently sitting on the edge of their seats eagerly awaiting the approval of spot Ethereum ETFs by the U.S. SEC. However, just before the final decision on ETF approval, the Ethereum gas fee dropped to a two-month low suggesting major inactivity on the Ethereum network. Ethereum Gas Fee Drop Suggests Major Inactivity [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":291933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-342944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/342944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=342944"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/342944\/revisions"}],"predecessor-version":[{"id":342958,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/342944\/revisions\/342958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/291933"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=342944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=342944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=342944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}