Why are Ether gas fees lower during the weekends?

Question

Why are gas fees lower over the weekend (Saturday, Sunday)?

This question is not exactly a coding problem but would help me understand a few things conceptually. My observation is that the traded volume is higher during weekends. Yet, contrary to my expectations, gas fees are lower during weekends. As far as I know, fees are decided by the miners, and when you offer more gas, your work will get picked up faster. Therefore, if the previous statement is correct, more available work will lead to the prioritisation of customers offering a higher reward.

Follow-up question: What reliable tools exist to track the volume of traded Ether? Maybe my confusion comes from unreliable volume trackers.

Gas tracker: https://etherscan.io/gastracker#historicaldata

P.S. Please be tolerant. I am relatively new to this world and still learning.

Answer 1

Gas fees are particularly lower during the weekends. The website ethereumprice Saturday looks more expensive than other days in general and Sunday isn't particularly cheap either.

What you mentioned about gas price is right, it depends on the network usage. When the network is used a lot, the gas prices increase. But its not just the number of transactions that influence gas price. The following is from ethrereum.org

The London Upgrade introduced variable-size blocks to Ethereum. Each block has a target size of 15 million gas, but the size of blocks will increase or decrease in accordance with network demand, up until the block limit of 30 million gas (2x the target block size). The protocol achieves an equilibrium block size of 15 million on average through the process of tâtonnement. This means if the block size is greater than the target block size, the protocol will increase the base fee for the following block. Similarly, the protocol will decrease the base fee if the block size is less than the target block size. The amount by which the base fee is adjusted is proportional to how far the current block size is from the target. More on blocks.

This means the amount of gas each transaction consumes, also influences the gas price. A lot of smart contract calls will lead to more increase in gas price than a lot of normal ETH transactions. Hope this clarifies things a little better. Welcome to the Ethrereum space :)