Ethereum Fees Drop 87% as Fusaka Upgrade Boosts Capacity
Ethereum (ETH)
Editor:
Eugene Serbin
Cvj.ai reports that Ethereum transaction fees have fallen sharply from a peak of $0.72 on April 21st to just $0.095 per transfer today. This 87% decline occurred even as ETH traded at a higher market value than during the earlier fee spike. On-chain analytics firm Santiment attributes the drop to softer mainnet demand during a quieter summer season.
Fewer active users competing for blockspace reduced the pressure on network throughput and lowered transaction costs. The Fusaka upgrade also played a key role by introducing higher blob throughput and a raised gas limit of 60 million. These changes expanded Ethereum’s total capacity, allowing more transactions per block without pushing fees upward.
Layer 2 networks have further alleviated congestion by absorbing execution that once competed for mainnet blockspace. Despite the fee drop, ETH trades near $2,441 with key support at $2,365–$2,380 and resistance around $2,520–$2,530. The decoupling of fees from price suggests value is tied to utility and scalability rather than just transaction costs.
This structural shift lowers the barrier to entry for users while maintaining network security and decentralization. The quieter summer provided temporary relief, but the capacity upgrades are expected to have a lasting impact on fee economics. Layer 2 solutions continue to play a crucial role in keeping mainnet fees low as the ecosystem grows.
How the market reacted
Whalio's own Binance spot order flow for ETH, measured when this story was written up on 19 September 2026. Not the outlet's figures.
Whalio spot data shows ETH trading at $2,612.14 with a 24-hour buy ratio of 56.2%, indicating sustained buying pressure over the day. Shorter-term readings show a 51.9% buy ratio for the last hour and 51.3% for the last four hours, suggesting that immediate buying intensity has cooled compared to the daily average. The volume delta reflects this trend, with +$426,817 in the last hour and +$2,663,207 over four hours, against a massive +$161,094,919 for the full 24-hour period. This means that while net buying has persisted for 18 of the last 24 hours, the pace of accumulation has slowed in recent hours. The cumulative volume delta (CVD) for the 24-hour close sits at +$149,591,025, confirming that buyers have dominated the session. Spot volume reached $1,295,844,010 across 3,823,182 trades, showing high liquidity and active participation.
The latest daily buy ratio of 46.8% sits at the 16th percentile of the last 322 days, against a median of 49.5% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ETH, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 48.2%, making today’s 24-hour ratio of 56.2% an 8.0 point increase above the weekly norm. This elevated buying interest coincided with a spot volume 1.54 times the weekly average, signaling an unusual surge in activity. However, the 8-day volume delta was -$29,071,506, contrasting with today’s strong positive flow and indicating that net buying was not consistent throughout the prior week. Only two of the seven days saw net buying, suggesting this recent uptick is a distinct deviation from the previous trend. The price rose 3.8% over eight days, but the recent volume spike highlights a concentrated period of accumulation compared to the broader weekly context.