Crypto analytics firm Santiment believes that Ethereum (ETH) and altcoins associated with the leading smart contract platform will leave many traders on the sidelines. Santiment is closely monitoring Ethereum’s average transaction fee, which has dropped to its lowest level since October 18th, 2023. This decline in gas fees indicates that Ethereum is likely experiencing a local bottom. The average fee level for Ethereum has reached just $1.12 per network transaction, the lowest average cost in a day since October 18th. Transaction fees tend to peak and diverge around price tops, while returning to normal levels around price bottoms. With the recent market retracement, the lack of demand and network strain may help ETH and its associated altcoins rebound sooner than expected.

At the time of writing, Ethereum is trading at $3,218, representing a 13% increase from its April low of $2,832. Santiment also notes that some altcoins operating within the Ethereum ecosystem are already displaying signs of strength. Liquid staking assets, in particular, have experienced a mini-run over the weekend. Among the 17 key assets tracked in this sector, the market caps have increased by a combined 5.0%, with Lido DAO (LDO) and Rocket Pool ETH (RETH) leading the way with gains of 5.2% and 5.9%, respectively.

Lido DAO (LDO) is currently trading at $2.15, while Rocket Pool ETH (RETH) is valued at $3,547.

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