Ethereum gas price is the unit of measurement of the cost of a transaction on the Ethereum blockchain.
The cost of a transaction on the Ethereum blockchain is measured in Gwei (also called nanoether), which represents the ninth power of the fractional ETH. For example, instead of saying that gas fees cost 0.000000001-ETH, you can say gas costs 1 gwei.
In September 2020, gas price recorded the highest prices ever recorded, exceeding 600Gwei. On October 26th, a rapid rise in gas fees (almost 400Gwei) was recorded and then returned below the 20Gwei threshold as early as November 27.
As you can see from the chart, from November 27th to today, ETH Gas price records the lowest levels ever.
Currently this is the Gas used for pending transactions in Ethereum network:
15 seconds processing cost >>>> 15 Gwei
1 minute processing cost >>>>> 12 Gwei
3 minutes processing cost >>>>> 11 Gwei
10 minutes processing cost >>> 11 Gwei
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