Ethereum gas fees in 2024: When is the best time to save and how to optimize costs

Ethereum remains the second-largest cryptocurrency by market capitalization with a market value of $351.37B at the current price of $2.91K. However, for network users, one of the biggest issues is unstable gas fees, which can drastically impact transaction profitability. Understanding how these fees work and knowing how to choose the best time to execute transactions is a critical skill in 2024.

When to execute transactions: Finding the optimal timing

The simplest way to save on gas is to choose the right time. Gas fees fluctuate depending on network activity. The network is traditionally less congested on weekends and early mornings (US time). During peak activity periods, such as new project launches, NFT booms, or meme coin surges, gas prices can spike several times.

To save costs, it is recommended to plan critical operations during low-activity periods. Monitoring tools like Etherscan’s Heat Map and Gas Now allow visual tracking of current network load and trend forecasting.

How gas fees are calculated: Decoding the mechanism

Gas fee is the payment for computational resources needed to process your transaction. It is calculated by the formula:

Total Fee = Gas Limit × Gas Price

Gas price is measured in gwei (1 gwei = 0.000000001 ETH). For a simple ETH transfer, 21,000 units of gas are required. If the price is set at 20 gwei, the fee will be 0.00042 ETH.

After the implementation of EIP-1559 during the London hard fork, the structure changed. Instead of a pure auction where everyone bids on the price, a base fee is now used, which automatically adjusts based on demand. Users can add tips to speed up the transaction. Part of the base fee is burned, reducing the total ETH supply.

Cost of different operations: What to expect

Not all operations cost the same:

• Simple ETH transfer: 21,000 gas (~0.00042 ETH at 20 gwei)
• ERC-20 token transfer: 45,000-65,000 gas (~0.0009-0.0013 ETH)
• Smart contract interaction: 100,000+ gas (~0.002 ETH or more)

Swaps on Uniswap, NFT transactions, or interactions with complex DeFi protocols require significantly more resources and are accordingly more expensive.

Tools for tracking and planning

To monitor current gas prices and find the best time for ETH transactions, use:

Etherscan Gas Tracker — the most reliable tool showing current, low, and high prices, along with forecasts for different operation types.

Blocknative offers a detailed trend prediction analyzer, helping to determine when fees will drop.

Milk Road provides network load visualization, allowing quick identification of low-activity periods.

MetaMask integrates gas estimation features directly into the wallet, simplifying the process.

Four practical ways to reduce costs

1. Monitoring and timing planning

Regularly check gas prices via Etherscan or Gas Now. Create a network activity schedule for yourself. Usually, the lowest prices are observed at night in the US and on weekends.

2. Setting optimal gas price

Don’t blindly accept recommended values. Analyze current demand. If your operation doesn’t require maximum speed, set the gas price to “low” or “standard” instead of “high.”

3. Moving to Layer-2 solutions

Layer-2 solutions have radically changed savings possibilities:

Optimistic Rollups (Arbitrum, Optimism) bundle multiple operations into one, distributing fees. Transactions on Arbitrum can cost up to 90% less than on the mainnet.

ZK-Rollups (zkSync, Loopring) use cryptographic proofs for verification. On Loopring, transactions often cost less than $0.01, whereas on Ethereum, they cost several dollars.

These solutions process operations off-chain and periodically commit results to the mainnet, significantly reducing load and fees.

4. Using batching of operations

If you need to perform multiple operations, try batching them. Some DeFi protocols allow this, reducing overall gas costs.

Future updates and their impact

Dencun upgrade (with EIP-4844 proto-danksharding) has already begun affecting the network. Throughput increased from ~15 transactions per second to ~1000 TPS, significantly lowering fees.

Ethereum 2.0 with Proof of Stake mechanism and full sharding implementation is expected to reduce fees to less than $0.001 per operation. This will make the network more accessible to mass users.

Answers to common questions

Why do I pay for a failed transaction?
Miners still spent computational resources. The fee fairly reflects the work done, regardless of the outcome.

“Insufficient gas” — what does it mean?
You set the gas limit too low. Increase it and try again. Check the complexity of the operation before retrying.

How to find the best time for gas fees on Ethereum?
Use Etherscan Heat Map. The lowest prices are usually on low-activity days (weekends, early US hours). Observe trends over several days to determine your optimal windows.

Conclusion

Mastering gas fee management is key to efficient Ethereum use. Combining proper timing, understanding the calculation mechanics, using monitoring tools, and transitioning to Layer-2 solutions can significantly reduce costs. As network scalability improves through Dencun and future upgrades, high fee issues will gradually be addressed, but current strategies remain relevant and effective.