Ethereum Average Gas Price (2024)

FAQs

How much Ethereum do I need for gas? ›

By default, the minimum gas unit you must spend on any Ethereum transaction is 21,000. So, let's suppose Alice is sending 5 ETH to Bob. The gas unit is 21,000 by default and Alice chooses to pay 300 gwei per unit based on the current network conditions.

Ethereum Average Gas Price is at a current level of 8.128, down from 10.48 yesterday and down from 32.32 one year ago. This is a change of -22.46% from yesterday and -74.85% from one year ago.

A standard ETH transfer requires a gas limit of 21,000 units of gas. For example, if you put a gas limit of 50,000 for a simple ETH transfer, the EVM would consume 21,000, and you would get back the remaining 29,000.

The overall effect should be lower costs, but users on the main blockchain (L1) won't enjoy these lower fees until at least 2026–2027, says Pitchbook's crypto analyst Robert Le, until there is “full danksharding,” referring to a roll-up scaling method which provides extra storage for increased transactional capacity.

Ethereum gas prices vary a lot, even from one hour to another. Statistically, it's been shown that the lowest gas prices can be found in the mornings and on the weekends.

The popularity of NFTs on Ethereum. Many spikes in gas prices can be attributed to highly anticipated NFT drops. Ethereum is the home of DeFi (decentralized finance). Many of the largest, most established dapps were built on Ethereum, and continue to be the biggest players in DeFi.

Ethereum gas fees are increasing due to various reasons. Tips to avoid high fees include optimizing transaction timing, utilizing rebate offers, and choosing transaction types wisely. Monitoring network congestion, using gas tokens, calculating fees in advance, and considering Ethereum 2.0 are other strategies.

Fees are determined by the amount of network traffic, the supply of validators, and the demand for transaction verification. The higher the demand and traffic, the higher the fees. When traffic and demand are lower, fees become lower.

So 1 Gwei equals 0.000000001 or 10-9 ETH. Conversely, 1 ETH equals one billion (109) Gwei.

Ethereum block sizes are limited by setting block gas fee limits. An Ethereum block has a target size of 15 million gas and a maximum limit of 30 million gas. This means that the total amount of gas spent on all transactions in a block must be less than the block limit.

What is ETH gas limit today? ›

Ethereum Average Gas Limit (I:EGL)

Ethereum Average Gas Limit is at a current level of 30.00M, up from 30.00M yesterday and up from 30.00M one year ago. This is a change of 0.00% from yesterday and 0.00% from one year ago.

Your total Ethereum gas fee is determined by adding the base fee to the optional tip and multiplying that sum by the amount of gas used.

Ethereum Gas Used Per Day is at a current level of 108.67B, up from 108.39B yesterday and up from 107.24B one year ago. This is a change of 0.26% from yesterday and 1.33% from one year ago.

The gas limit (units of gas used)​

A normal transaction sending ETH or a token normally costs 21,000 gas, whereas an ERC-20 token approval requires 45,000.

An Ethereum block has a target size of 15 million gas and a maximum limit of 30 million gas. This means that the total amount of gas spent on all transactions in a block must be less than the block limit.