Recent market data shows that Ethereum’s average network fees have dropped to a five-year low of around $0.168. This marks the cheapest daily transaction cost since May 2, 2020, offering potentially fertile ground for Ethereum bulls. However, the crypto landscape is still impacted by global trade tensions and capital flows to gold. These dynamics, alongside the increasing adoption of digital assets by institutions and governments, complicate the anticipated cryptocurrency bull cycle of 2024/2025. 2023’s market volatility continues, with Fed Chairman Jerome Powell acknowledging continued fluctuations in markets amid the decoupling between the US and China. Ethereum’s network has been striving for competitiveness through innovative solutions like Layer 2 (L2) technology and recent upgrades. 2021 saw a series of significant upgrades, including the London hard fork (EIP-1559), The Merge, Dencun in 2024, and recently Pectra. These efforts have significantly improved the network’s usability, paving the way for renewed bullish momentum.