Average gas fees on Ethereum have dropped to around 0.5 gwei in early 2026, sometimes falling as low as 0.15 gwei, making transactions nearly free. Over a recent 30-day period, the network generated only about $10.3 million in transaction fees, placing it behind both Tron and Solana. The USDT stablecoin recorded more than $7 billion in net outflows from Ethereum during Q1 2026, and stablecoin transfer volume plummeted 42.6% in a single week in April 2026. This combination of low fees and massive stablecoin outflows may precede a period of price consolidation rather than a directional move, according to CryptoQuant analysts.
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