ETH Price Retreats to $3,200 Amid Ultra-Low Gas Fees

Ethereum activity climbed toward record levels while gas fees fell to near-zero, keeping the network busy at a lower cost. At the same time, ETH price slipped back to $3,200 after another rejection near $3,400.

Record transactions as gas falls

Ethereum activity pushed toward record levels as transaction costs sank to fractions of a cent, according to data cited in recent market reports and on-chain dashboards. Coin Bureau said Ethereum’s daily transactions climbed toward about 2.5 million while average gas fees fell below $0.01, pointing to a rare mix of heavy throughput and ultra-low execution costs.

On Ethereum fee trackers, base fees showed near-zero readings in gwei terms, which wallets use to estimate confirmation times and costs. One widely shared gas screen showed a base fee near 0.054 gwei with “low,” “average,” and “high” options clustered around the same level, implying little competition for block space at that moment.

Meanwhile, third-party coverage tied the usage spike to a multi-week climb in transaction counts, often cited on a moving-average basis to smooth daily swings. Decrypt reported that Ethereum’s 7-day moving average for daily transactions set a new high earlier this month, based on CryptoQuant data, as network interactions accelerated into early 2026.

Separate market updates also pointed to new single-day milestones. A Binance News post, citing Etherscan-referenced figures via ChainCatcher, said Ethereum reached about 2.88 million transactions in a day, another sign that on-chain throughput has expanded even as the typical fee environment remains subdued. 

ETH retreats after $3,400 rejection

Meanwhile, Ethereum pulled back to the $3,200 area after failing to clear resistance near $3,400, according to a TradingView chart shared by analyst Ted Pillows on X. The post said ETH “failed to break above the $3,400 zone,” then dropped into the $3,200 support region, matching a downside scenario the analyst said he outlined earlier.

Ethereum USDT Daily Chart. Source:  Ted Pillows on X

The chart, labeled ETHUSDT on Binance with a one day timeframe, showed price sliding from the mid $3,000s and printing a sharp selloff before stabilizing near $3,200. Marked zones on the chart highlighted a resistance band around $3,400 and a nearby supply area above it, while a support band sat around the low $3,200s.

Ted Pillows said Ethereum could try another move back toward $3,400 if the $3,200 support level holds. The chart also mapped alternate paths, including a bounce toward the mid $3,300s and higher, or a deeper drop if support breaks, with lower levels marked below the current range.