Ethereum surges 188% in key metric as price nears $2,700
The Ethereum (ETH) network saw a massive 188% spike in network fees over the past week, reaching $45.2 million, the highest level since June 2024.
This surge in fees indicates increased network activity, which boosts demand for Ethereum and could lead to a potential rally in the price of the coin.
In addition, the increased fees enhance Ethereumâs deflationary advantage resulting from burning a portion of gas fees, which puts pressure on the circulating supply.
Currently, as Bitcoinâs price surges past $66,000, Ethereum is trading at $2,653 amid growing bullish sentiment in the market.
