When are ETH gas Prices Lowest and how to Spot them?

Searching for when are ETH gas prices lowest and how to find the best prices in real-time? This article explains all of that, along with our best recommendations for finding ETH prices.

Gas fees are a term used for transaction fees that a user has to pay on the Ethereum blockchain to complete his transactions. This transaction can be for transferring or trading ETH or executing smart contracts between two parties involved in the ETH blockchain network. This fee paid in ETH is received by network nodes since they validate transactions using Proof of Stake (PoS). Such gas prices are denoted in Gwei, with 1 Gwei being equal to 0.000000001 ETH.

Although the ETH network ranks first in terms of value transfer, it still has several problems; high gas prices and significant wait times. Another thing to consider is that gas fees don’t remain constant and can fluctuate for several reasons. That is why netizens are searching for the keywords when are ETH gas prices lowest and where ETH gas prices are lower.

Fluctuation of ETH Gas Prices

Your gas fees on the Ethereum network fluctuate due to several reasons. The most significant one is network congestion, which causes gas prices to rise. This happens when users race each other to get their transactions confirmed faster as compared to the parallel transactions being made by other users. In such cases, ICOs (Initial Coin Offerings), or DApps are used to get faster responses.

Secondly, all the users can play around with gas prices and gas limit parameters when making transactions. These parameters specify how much ETH a user would spend per unit of gas, or the maximum amount of gas (priority fees). Due to this flexibility, gas prices can fluctuate because the user can dictate this based on their sense of urgency and how much they are willing to pay for speed.

Thirdly, changes on the Ethereum network itself can also influence gas prices for you. For example, the Ethereum Improvement Proposal (EIP)-1559 fee structure that was implemented in the London hard fork is one example that significantly impacted gas prices. The EIP-1559 fee structure sets out to make the gas fees more predictable by burning a base fee and giving the miners a tip.

In addition, gas fees could be influenced by speculation in the market as well as trader behavior. Some external factors that could influence gas prices are Ethereum’s price movements and regulatory moves. General market sentiment could influence user behavior, which has an indirect relationship to network activity. In short, gas prices can be influenced by several external factors, and users are always searching for the lowest ones.

When are ETH gas prices lowest?

As we explained above, more transactions mean more users compete with each other to complete the transactions in less time. So to spend as much less as possible on ETH gas, one has to make transactions when there are the least number of users present on the Ethereum network.

For this reason, the time on weekends is considered to have lower user activity, resulting in lower ETH gas rates. Also, you can try making transactions in the early morning or late at night when user activity is low between 2 a.m. and 3 a.m. (EST) on weekdays.

It should be noted that the gas fee also depends on the complexity of the transaction and the total transaction amount that a user has set. If the transaction is complex and has a high amount of value, the timing of the transaction won’t make a huge difference, and you are likely to pay a hefty gas cost.

To deal with this, we recommend using a reliable discovery platform like Tokenview which supports more than 120 cryptocurrencies. It provides fast, average, and slow ETH gas options with a detailed view of daily transaction counts and other valuable data. You can also get access to leading, upgraded Layer 2 scaling solutions that are built on top of the Ethereum blockchain and are a great way to cut down on gas fees.

Wrapping Up:

To conclude the quite common online search of when are ETH gas prices lowest, one should know that they can save on gas prices if they do it at the right time and also opt for layer 2 scaling options. If the transaction amount is high or involves a complex transaction, it won’t make much difference. With Tokenview, one can get real-time access to ETH gas prices and other data in more than 120 currencies, which can help you make transactions at the lowest possible gas fee.