Ethereum fees drop to record lows as scaling upgrades take effect
Ethereum (ETH)
Editor:
Eugene Serbin
TechGaged.com reports that Ethereum transaction costs have fallen significantly, with fees dropping from a peak of $0.72 per transfer on April 21 to just $0.095 as of September 18. This reduction occurred despite ETH trading at a higher market value, driven by softer mainnet demand during the summer and increased network capacity. The Ethereum Foundation’s 2026 scaling roadmap, outlined in February, targeted a gas limit push toward 100 million, with Fusaka and higher blob throughput already implemented.
A 60 million gas limit has also landed, helping Layer 2s absorb execution demand that previously competed for layer one blockspace. This shift spreads activity across swaps, transfers, and DeFi positions, making frequent on-chain interactions less costly. On-chain businesses generated $587.9 million in revenue during the first quarter of 2026, benefiting from this fee structure.
ETH traded at $2,517.36 on September 18, up 2.0% over seven days, following a spike above $2,600 on September 12. Price recovered to a fresh weekly high after dropping toward $2,400 by September 16, moving independently of the steady low fee trend. Low fees remove a historic barrier, though it remains to be seen if cheaper blockspace will drive renewed activity or reflect a quieter market.
How the market reacted
Whalio's own Binance spot order flow for ETH, measured when this story was written up on 18 September 2026. Not the outlet's figures.
Whalio data shows ETH trading at $2,447.28 with a 1-hour buy ratio of 50.5% and a 4-hour buy ratio of 56.8%, indicating short-term buying interest. This contrasts with the 24-hour buy ratio of 49.9%, suggesting that immediate buying pressure is stronger than the broader daily trend. The 1-hour volume delta is positive at $333,688, while the 4-hour delta is significantly higher at $25,452,719, showing accumulating buy volume over the last few hours. However, the 24-hour volume delta is negative at -$1,204,462, indicating net selling over the full day. The cumulative volume delta (CVD) for the 24-hour close is positive at $61,174,410, with net buying occurring for 15 of the last 24 hours. Spot volume reached $583,044,840 with over 2 million trades, reflecting active market participation despite the mixed delta signals.
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.
Compared to the preceding week, the current 24-hour buy ratio of 49.9% is slightly below the 7-day average of 48.2%, though the latest day shows a 1.7 point increase over that average. Volume today is at 0.66x the weekly average, indicating lighter trading activity than usual. While the week saw only 2 days of net buying, the current 24-hour period has seen net buying for 15 hours, suggesting a shift in intraday momentum. The price change over the past 8 days is +0.4%, with a total volume delta of -$201,123,899 for the period. This context highlights that while short-term buying has intensified, the broader weekly trend remains characterized by lower volume and mixed directional bias.