**Ethereum Fees Skyrocket Amid Surge in Onchain Activity**
Ethereum transaction fees have soared over the past two weeks, according to Coinbase's latest report. From Sept. 16 to 26, average gas fees jumped by 498%, with median costs rising from $0.09 to $1.69. Analysts David Duong and David Han attribute this spike to increased onchain activity, including a 9% rise in decentralized exchange (DEX) volumes and higher USDC deposit rates on Aave.
Ether transfer volumes are up 17%, and gas fees have fluctuated between 5-40 gwei. Total Ether fees burnt daily surged by over 900% to 2,097 ETH. DApp volumes nearly doubled, and NFT volumes increased by 17%.
Technically, Ether's price has broken above its RSI downtrend line, hinting at bullish momentum. However, it remains below key EMAs at $2,770 and $2,864. Ethereum investment products saw $87 million in inflows, breaking a five-week negative streak, driven by spot Ethereum ETFs and BlackRock's ETHA.
This article does not contain investment advice. Conduct your own research before making decisions.