Ethereum (ETH) has seen a significant decrease in average transaction fees, reaching a modest $2.45, while its price is poised to climb above $1,900 once again. Santiment, an on-chain analytics firm, reports that after a brief surge to $7.40, the average fee for transactions on the Ethereum network has declined to $2.45, with ETH and WETH accounting for the majority of these fees in the past 24 hours. The drop in transaction fees on the Ethereum network comes after a spike of over 57% in the first week of July, primarily due to the introduction of VMPX, a newly launched cryptocurrency operating as an ERC-20 and BRC-20 token. IntoTheBlock revealed that Ethereum fees had increased by more than 50% in the previous week, with VMPX contributing to 18% of the gas consumption. The total fees generated during this period amounted to $47 million. In terms of price action, Ethereum faced resistance after reaching $1,976 on July 3. Factors such as concerns over potential interest rate hikes and stricter cryptocurrency regulations dampened the gains. However, CoinShares reported inflows of $2.9 million in Ethereum for the previous week, indicating some positive investor sentiment. Technical analysis suggests that Ethereum's supply and demand are currently balanced. The Relative Strength Index (RSI) is close to the middle range, and both moving averages have flattened, indicating potential price stability. If buyers can push the price above $1,905, Ethereum may retest the resistance level around $1,976 and move toward the $2,000 mark. Conversely, if the price drops below the daily MA 50 at $1,842, bears may attempt to push it further down to the daily MA 200 at $1,718, potentially halting further declines. Overall, Ethereum's average transaction fees have significantly decreased, providing relief to users on the network. With the price aiming to surpass $1,900 once again, there is renewed optimism among investors regarding Ethereum's future performance.