Ethereum (ETH) price is correcting more than 13% in a day after hitting a monthly high of $1655 last week as pressure mounts ahead of the FOMC meeting on July 27. Nansen CEO Alex Svanevik tweeted that Binance uses the ability of low gas fees to move money on Ethereum, with gas fee usage increasing by more than 3000% in just an hour on Binance.

Binance CEO “CZ” replied and confirms the high usage of Ethereum by users as the gas fee plummets to historic lows. Significantly falling Ethereum gas prices before the September merger point to opportunities for a successful transition from PoW to PoS.

Ethereum Trades Jump on Binance Amid Low Gas Fees

According to Dune Analytics, the average gas price reached 24 Gwei, a record one year. The minimum gas fee has been reduced to 3 gwei, the current gas fee is 4 gwei, the ETH transfer fee is $0.34 and the ERC20 transfer fee is $0.67.

Nansen CEO Alex Svanevik reported a massive increase in the use of Ethereum gas tariffs on Binance on July 26. In fact, a total of 28 ETH were issued to Binance as gas rates in just an hour, up 3048% in an hour and 437% in the last 24 hours. While Coinbase is next on the list with just 5.35% and 135% jump in an hour and 24 hours respectively.

Share of gas fees from top 20 publishers. Source: Nansen

“Looks like Binance makes good use of low gas costs to move money on Ethereum – smart cz_binance.”

Alex Svanevik also reported that “90% of ETH trades now use EIP-1559.” Since the EIP-1559 plays an important role in the burning of Ethereum and the merger, prices will be deflationary after the merger as the circulating supply will decrease.

ETH Price Plunges Lower Ahead of the FOMC Meet

The price of Ethereum (ETH) plunges more than 10% to the $1400 level ahead of the Federal Reserve’s FOMC meeting on July 27. The FUD is rising with a rate hike of 100 bps on the table. However, Fed officials and chairman Jerome Powell was in favor of a 75bp increase.

Crypto Tony shared that ETH has hit the first support at the $1400 level. The next two support levels are $1350 and $1200.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

This post Binance Moving funds on Ethereum (ETH) during dips? CEO “CZ” has this to say

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