The gas fees for Ethereum transactions have dropped to the lowest levels since August 2021. Currently, the average layer one (L1) Ethereum gas fee is 0.0031 ETH or $8.06 per transfer. Also, the median-sized ether fees are low as well at 0.0014 ETH or $3.5 per transfer. The reason behind the reduced gas fees could be linked to the recent decline in NFT trades.