A fluid degradation monitoring system may detect a replacement of a fluid of a machine. The fluid degradation monitoring system may determine, after detecting the replacement of the fluid, a first degradation estimate of the fluid using a first technique based on characteristics relating to an operation of the machine. The fluid degradation monitoring system may detect a transition in a value of a dielectric constant of the fluid from a first phase to a second phase. The fluid degradation monitoring system may determine, after detecting the transition in the value of the dielectric constant, a second degradation estimate of the fluid using a second technique based on characteristics relating to the fluid.