On August 18, analyst Ryan Lee said that every time ETH's gas fee bottoms out, it often indicates a mid-term price bottom. ETH prices tend to rebound strongly after this cycle, and when this moment coincides with the interest rate cut cycle, the wealth effect of the market is full of possibilities. Lee said that Ethereum's gas fees fell to their lowest level in five years, which can be attributed to the popularity of meme and the migration of Dapp interactive users to other faster and cheaper blockchains such as Solana and Layer 2. In addition, the Dencun upgrade also improved network efficiency, which in turn reduced gas fees.