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Will the transaction fees for ETH ever adjust downward?

They're pretty low now... relative to a few months ago.

I tried transferring $200 worth of ether from one exchange to another one the other day and the fee was going to be $30.

So I traded the ETH for LTC, transferred it to the other exchange, then traded the LTC back for ETH. My total fee when transferring via LTC was around 30 cents or something like that.

If this is honestly how ETH transaction fees are, this doesn't seem viable...

What am I missing?

Ethereum L1 is indeed expensive. There are Ethereum L2 chains, like Polygon, xDai and Loopring, that offer very low fee transactions, but in order to be useful, exchanges need to integrate with them. It would also help if more inter-L2 bridges, like the current Polygon <-> xDai bridge, were set up.

XLM (stellar) I think is even cheaper than LTC to do these xfers with.

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