Ethereum wants $2,817 back after transaction costs rose 498%
Rising on-chain traffic drove Ethereum transaction fees up 498% in 10 days.
Ethereum ETFs had their lowest negative day since debut, losing $0.1 million.
Ethereum might gain heavily if it stays above important trendline and targets $2,817.
Ethereum (ETH) trades about $2,690 on Friday, up over 2% after transaction fees rose 498% in 10 days. ETH is trying to recover $2,817 support.
Ethereum transaction fees and burning ETH rises
Coinbase said that Ethereum transaction fees rose to a seven-week high in recent days due to increased blockchain activity.
Last week, DEX and ETH transfer volumes rose 7% and 19%, according to experts David Duong and David Han. Transaction costs rose due to increasing activity.
"The average gas price in the past 10 days, September 16 - 26, has risen 498% above the preceding 30-day average, and the median transaction on Ethereum now costs $1.69 compared to $0.09 at the start of the month," stated experts.
According to CryptoQuant, total ETH fees burned daily jumped over 900% to 2,097 ETH on Thursday due to higher transaction costs.
Ethereum may climb dramatically in the next months.
Friday's Ethereum price is $2,690, up 2.2%. In the previous 24 hours, Coinglass data shows ETH liquidations totaling $18.85 million, with long liquidations at $6.66 million and short liquidations $12.19 million.
Last week, Ethereum traded over a major falling trendline that has held prices down since June. If ETH stays above the trendline, it might climb significantly in the next months.
From August to November 2022 and July to October 2023, ETH traded below a similar trendline before rising over 94% and 164%, respectively.
ETH is trying to break $2,707 barrier in the immediate term. If this resistance is not rejected, ETH might regain $2,817.
The Awesome Oscillator (AO) momentum indicator has consecutive green bars, while the Relative Strength Index (RSI) is above neutral. This suggests investor optimism.
