The “Chart of the Day” report by Matrixport analyst Markus Thielen on July 9, 2025, highlights an intriguing development in the cryptocurrency world. Despite Ethereum’s gas fees, or transaction fees, registering at historically low levels, the second-largest altcoin by market capitalization has maintained its price strength. Notably, since April 2024, these fees have decreased from 36 Gwei to almost zero, while the price of Ethereum 
$2,378 fluctuated between $1,400 and $3,800. This impressive price stability, even amid weak network activity, has stirred curiosity within the crypto market.
Ethereum’s Resilience in the Face of Low Fees
Following a network update in March, Ethereum’s gas fees dropped to near-invisible levels, occasionally approaching zero. Despite significant price fluctuations seen on the right axis of the price curve, a sustained downward break in Ethereum’s price has not occurred. This persistence in strength highlights the altcoin’s robust nature, even when fundamental indicators based on transaction fees appear muted.
Markus Thielen described this strength as a performance surpassing what fundamentals would predict. The data indicates that the lull in Ethereum’s network activity hasn’t been sufficient to drag its price down, demonstrating that the market is driven by a different set of dynamics currently.
Institutional Interest and Seasonal Patterns Bolstering Price
According to Thielen, the adoption of Ethereum as a treasury asset by certain companies provides significant price support. Furthermore, a substantial portion of stablecoin issuance continues to occur on the Ethereum network, maintaining its essential usage.
Thielen also noted the significance of the “GENIUS Act” negotiations in the United States, which have conferred institutional structural importance on Ethereum. The historically strong seasonality of July has further lifted the altcoin giant.
Matrixport analysts have advised investors holding long positions in ETH to consider $2,500 as a key stop level to protect their investments.
