Ethereum fees spike as the network prepares for Dencun

The recent rise in price and volume of Ethereum has caused reactions in fees. 

Recently, Ethereum’s [ETH] transaction fees have surged. This increase aligns with the ongoing upward trend in the asset’s price and the network’s preparations for an upgrade to reduce fees in the ecosystem.

An examination of transaction fees on the Ethereum network indicates a continuous increase since the beginning of March.

According to the chart on Glassnode, fees at the start of the month were approximately 6,300 ETH. At the time of this writing, fees have surged to over 9,000 ETH, marking the highest range observed in over ten months.

The fee escalation aligns with the observed rise in transaction volume over the past few weeks. It also coincides with the Ethereum developers establishing a date for the latest update.

Source: Glassnode

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