The largest cryptocurrency exchange in the world, Binance US, has eliminated all Ethereum spot trading costs from its platform. These fees were implemented about six months after BTC spot trading fees and BTC pairings.
According to a recent announcement from Binance US, Ethereum is now included in its zero-fee price model. Moreover, available pairs to free trade: ETH/USDT, ETH/USD, ETH/BUSD, and ETH/USDC. In addition, the exchange has announced discounts for those who pay their trading fees using BNB tokens.
Furthermore, the American exchange has instantly stopped charging gas fees for all Ethereum transactions conducted through its website’s “Buy & Sell” feature.
In an effort to draw in more clients, the exchange, which is a branch of the largest cryptocurrency exchange by volume, eliminated bitcoin trading fees in June. At the time, it promised to do the same with other tokens later.
Brian Shroder, president and chief executive officer of Binance US, states that doing away with fees on both BTC and ETH confirms the firm’s status as “the low-fee leader in crypto.” More than ever, he continued, “platforms must function with users’ interests at the front.”
Even though fees are a 2big source of income for businesses like Binance, major exchanges are already reaping the benefits of staking services.
The adoption of cryptocurrency depends heavily on exchanges. Providing zero-fee transfers encourages consumers to deal with digital assets more frequently.
Ethereum (ETH) Price Analysis
According to a bottom fractal discovered by independent market researcher Wolf, Ether, the native cryptocurrency of Ethereum, is poised for a significant bullish turnaround after falling 25% from its November high of $1,675.
Wolf contrasts the multi-month decline in Ethereum’s price that occurred between May 2018 and March 2020 with a subsequent, somewhat less severe correction that occurred after July 2022. If the pattern holds, Ether’s price has fallen to its lowest level since November 2022.
Wolf took cues from the COVID-19 pandemic-induced Ethereum price drop in March 2020, a black swan event. Similar to this, another “black swan” event—the collapse of cryptocurrency exchange FTX—pushed down the price of ETH in November 2022.
However, following the March 2020 drop, ETH/USD swiftly recovered thanks to the Federal Reserve’s rate cuts, which increased the amount of money flowing into the economy and into the cryptocurrency market.
Additionally, according to independent market researcher Cold Blood Shiller, the Awesome Oscillator (AO) and Relative Strength Index on Ethereum’s daily chart represent an “obvious breakthrough moment” (RSI). Both indications seem to have just turned bullish.
Ether would be pushed near $700 if it made a strong reversal from the declining trendline, which Roy describes as a “potential bottom.”
The longer-timeframe chart of Ethereum, which is displayed below, shows a symmetrical triangle formation that Roy’s research agrees with, with a technical downside target of about $675.