Ethereum is buzzing! In the second half of September, gas fees on the Ethereum network have skyrocketed by a staggering 498%. This spike comes as on-chain activity sees a significant uptick, according to a recent report from Coinbase.
What’s Happening?
From September 16 to September 26, the average gas fee jumped dramatically, with median transaction costs rising from just $0.09 at the start of the month to $1.69. Coinbase analysts David Duong and David Han attribute this surge to increased activity on the network, noting that there isn’t just one reason driving this change. Instead, several factors are at play.
DEX Trading Volumes: Trading on decentralized exchanges (DEXs) has seen a slight increase of 9% week-on-week.
Ether Transfer Volumes: Transfers of Ether have surged by 17% week-on-week, contributing to the higher fees.
Gas Fees on the Rise
Blockchain efficiency firm Gashawk reported that gas fees have spiked to around 40 gwei multiple times over the past week. This increase in activity has also led to a massive rise in total Ether fees burned daily, which shot up over 900%, reaching 2,097 ETH between September 14 and September 24.
DApp and NFT Activity Soars
In addition to transaction fees, data from DappRadar reveals that decentralized application (DApp) volumes nearly doubled in just 24 hours, climbing by 97% to $3.6 billion. NFT volumes also rose by 17% on the same day, further illustrating the heightened activity on Ethereum.
What’s Next for Ether Price?
On a technical note, Ether (ETH) has broken above its relative strength index (RSI) downtrend line, which began after reaching a multi-year high of $4,093 in March. This could signal a potential bullish shift for ETH's short-term momentum. However, it still struggles below its 100-day and 200-day exponential moving averages (EMAs), currently at $2,770 and $2,864 respectively.
Investment Trends
Interestingly, Ethereum investment products have seen a turnaround after five weeks of negative inflows, with $87 million pouring in recently. This rebound is largely due to spot Ethereum ETFs attracting $58.7 million on September 27 alone. BlackRock's ETHA is also experiencing positive flows, with inflows of $11.5 million that day. As Ethereum continues to evolve and attract more users and investors, all eyes will be on how these surging gas fees and increased activity will impact Ether's price in the coming weeks.
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