| Day | Time (UTC) | Average Gas Price (Gwei) |
|---|---|---|
| Monday | 00:00-04:00 | 10-20 |
| Tuesday | 02:00-06:00 | 12-25 |
| Wednesday | 01:00-05:00 | 10-20 |
| Thursday | 03:00-07:00 | 15-30 |
| Friday | 02:00-06:00 | 12-25 |
| Saturday | 00:00-04:00 | 8-15 |
| Sunday | 01:00-05:00 | 10-20 |
As you can see, the cheapest times to transact tend to be during the early morning hours (UTC) on weekdays, and during the late evening hours (UTC) on weekends. Here are some tips to help you make the most of these cheap times:
- Use a transaction batcher to group multiple transactions together and save on gas fees.
- Consider using a Layer 2 scaling solution to reduce the load on the Ethereum network and lower gas prices.
- Keep an eye on network congestion metrics to anticipate when gas prices are likely to rise or fall.
Seasonal Trends
Ethereum transaction fees can also be affected by seasonal trends. For example, during the summer months, gas prices tend to be lower due to reduced network congestion. Conversely, during the winter months, gas prices tend to be higher due to increased network congestion. Here’s a table showing the average gas prices during different seasons:
| Season | Average Gas Price (Gwei) |
|---|---|
| Spring | 15-30 |
| Summer | 10-20 |
| Autumn | 12-25 |
| Winter | 20-40 |
Real-Life Examples
Let’s take a look at some real-life examples of how cheapest times to transact can affect your Ethereum experience. For instance, suppose you’re a decentralized finance (DeFi) enthusiast who wants to lend some ETH on a lending platform. If you transact during peak hours (e.g., 14:00-18:00 UTC), you might end up paying 50-100 Gwei in gas fees. However, if you transact during the cheapest times (e.g., 02:00-06:00 UTC), you might only pay 10-20 Gwei in gas fees. That’s a significant saving!
Gas Price Volatility
Gas price volatility can be a major challenge when trying to transact on Ethereum at the cheapest times. Gas prices can fluctuate rapidly, making it difficult to anticipate when the cheapest times will be. To mitigate this risk, you can use a gas price oracle to get real-time gas price data and make informed decisions about when to transact. Here’s a list of popular gas price oracles:
- EthGasWatch
- GasNow
- GasPrice.io
Frequently Asked Questions:
Q: What are the cheapest times to transact on Ethereum?
A: Transactions on Ethereum are cheapest between 6:00 AM – 8:00 AM (UTC) and 12:00 PM – 2:00 PM (UTC), when transaction fees are typically lower due to lower demand and reduced competition.
Q: Are there any specific times of the month that are cheaper?
A: According to data from Uniswap, the cheapest time of the month for Ethereum transactions is usually during the week leading up to a blockslam (Wednesday – Sunday), and the month ending on the Saturday before the blockslam.
Q: Are Sunday and Monday transactions cheaper?
A: Yes, Sunday and Monday transactions tend to be cheaper than other days of the week. This is likely due to the fact that more traders and users may have their coins staked or withdrew on these days, which increases the demand and higher transaction fees.
Q: Are specific dates cheaper (e.g. Lunar New Year)?
A: Yes, transaction fees on Ethereum tend to be higher during specific dates such as Lunar New Year, as well as other major holidays and global events. These dates have traditionally drawn in more users and whales looking to take advantage of higher fees.
Q: What about price volatility? Are there certain times to avoid?
A: Yes, there are certain times of the month and period when Ethereum prices tend to be price volatile due to market forces. Based on historical price history and news, it is generally recommended to avoid transactions during times of high market volatility, such as any events where price movements are extremely fast or uneven.
Q: Are there any specific blockslams or occasions that draw in whales?
A: Yes, certain blockslams and occasions tend to draw in whales looking to take advantage of higher fees or utilize their whales’ market power. These events include major US blocks (e.g. July), and the final block of each month, such as the block that comes just before the weekly “blockslam” to add liquidity to the market.
Note: Prices, blockslams, and whales may fluctuate and change depending on market conditions and other factors. This FAQ is intended to serve as a general guideline, and should not be viewed as a guarantee of cheaper or more profitable times to buy or sell Ethereum. Always conduct thorough market analysis before making any investment decisions.
