Ethereum base fee at 0.0673 gwei, a sixth of the week

The Ethereum price stood at $2,504 on Sunday afternoon, or 2,237 euros. Over 24 hours that is a move of three dollars, 0.15 percent. The real movement this time sits in the block data rather than the chart: the base fee per unit of gas, the minimum price every Ethereum transaction has to pay, averaged 0.0673 gwei over the past 24 hours. Across the past seven days the average was 0.4210 gwei. The network is running at a sixth of last week's price.

There are two sides to that if you hold ether. Sending ether costs a fraction of a cent today, so whoever already planned to move holdings off an exchange and into their own wallet is paying about as little as they ever will. At the same time the network's ether consumption, which normally offsets part of the new issuance, has all but disappeared. Both effects belong together, and both are set out below with figures.

Ethereum price $2,504: the daily range narrows to 0.63 percent

Today's low of $2,495.23 and high of $2,510.93 are $15.70 apart, which is 0.63 percent. Compare that with the four trading days before, measured on the daily candles of the Coinbase exchange: October 8 spanned 7.53 percent, October 7 spanned 6.48 percent, October 9 still spanned 1.99 percent and October 10 spanned 1.34 percent. The range has contracted on four consecutive days, and today is the tightest session since October 6.