Observations on Factors Driving Low Gas Prices

This article is originally published on the Etherscan blog . If you frequently transact on Ethereum, you may have noticed the sustained low gas prices in recent weeks. As shown in the chart below, the average gas price has steadily declined since its 2024 peak of 98.68 gwei on March 5. Source: Ethereum Average Gas Price Chart Since gas prices generally follow demand, one might assume a drop in demand for Ethereum’s block space. However, daily transaction counts remain within the same range as in