PANews reported on September 27 that according to Coinbase, a surge in Ethereum on-chain activity has caused a surge in transaction fees over the past week. From September 16 to 26, the average Gas fee was 498% higher than the average of the previous 30 days, and the median transaction cost of Ethereum rose from $0.09 at the beginning of the month to $1.69. In addition, the transaction volume of Ethereum decentralized exchanges (DEX) increased by 9% month-on-month, and the total amount of ether transfers increased by 17% month-on-month, further pushing up transaction fees.
According to Kraken analysis, Ethereum recently broke through its relative strength index (RSI) downside line, indicating a shift in bullish momentum in the short term, but it still faces resistance at the 200-day exponential moving average.
