Activity on the Ethereum network has increased significantly in recent weeks, leading to a nearly six-fold increase in gas fees on Ethereum between September 16 and 26.
According to Coinbase data, transaction fees on the Ethereum network increased by 498 percent during this period compared to the previous 30-day average.
Coinbase analysts say there are several different reasons for this increase. While the trading volumes of Ethereum-based decentralized exchanges increased by 9 percent on a weekly basis, there was a 17 percent increase in total ETH transfer volume.
Ethereum surpasses technical indicators
After Ethereum surpassed $4,000 in March 2024, the Relative Strength Index (RSI) is showing that it has broken the downtrend. This could be a sign of a bullish trend for ETH in the short term.
Kraken analysts say that this breakout in Ethereum’s RSI is a sign of short-term momentum and could pave the way for a price move higher, drawing attention to the importance of the resistance at $2,813.
However, analysts caution that Ethereum is still trading below its 200-day exponential moving average, which is currently at $2,882, and that Ethereum needs to break through this level to enter a long-term uptrend.
