Data shows that the last time the Ethereum transaction fees dipped towards lows this deep, the cryptocurrency’s price reached its bottom.

Ethereum Average Transaction Fees Has Dropped To Just $1.13 Now

According to data from the on-chain analytics firm Santiment, the cryptocurrency has observed particularly low fees this week. The “average fees” here refers to a metric measuring the average fees (in USD) the users attach to their Ethereum transfers.

Generally, this indicator’s value depends on the traffic the ETH network receives. Whenever the mempool is congested with transfers, some transactions may be stuck waiting for long, as the validators only have a limited capacity to process the transfers.

Those who want their transfers to go through as soon as possible may attach …