Ethereum ETH
-2.21%
Transaction fees rose last week amid a widespread resurgence in on-chain activity on blockchains, according to Coinbase.
“The average gas price over the past 10 days from September 16 to September 26 is 498% higher than the previous 30-day average, and the median transaction cost for Ethereum is now $1.69, up from $0.09 at the beginning of the month.” Coinbase analysts David Duong and David Han said in a Coinbase Weekly report Friday.
Analysts noted that there was no single driver for the increase in activity, but highlighted several contributing factors. Ethereum decentralized exchange (DEX) trading volume increased slightly, up 9% compared to the previous week. Analysts also added that total Ethereum transfer volume has increased by 17% week-on-week, which has led to higher transaction fees.
Ethereum transaction fees surged last week due to increased on-chain activity across the blockchain: Coinbase
Ethereum surpasses major chart indicators.
Ethereum has crossed a downward Relative Strength Index (RSI) trendline dating back to multi-year highs above $4,000 in March, suggesting a bullish turn in the digital asset’s near-term momentum could occur, according to Kraken analysts. .
“Ethereum recently crossed the RSI downward trend line that originated from the high on March 11, suggesting a possible bullish turn in near-term momentum,” the Kraken OTC analysis team said in a recent report. This change could lead to further price rises, with the key resistance level to watch now being the $2,813 front, analysts said.
Ethereum has surpassed key chart indicators, signaling a potential shift in upward momentum, according to Kraken analysts. Image: Kraken.
However, analysts warned that despite this positive change in momentum, Ethereum remains below its 200-day exponential moving average (EMA), which is currently at $2,882. “This moving average continues to act as a significant resistance level, and Ethereum will need to reclaim it to confirm a bullish reversal of the long-term trend,” they said.
The report emphasized that market participants should closely monitor the interaction between Ethereum and the 200-day EMA. Because this will be the deciding factor in determining the next major price movement.
Positive Signs from the Ether Derivatives Market
There are also signs of renewed optimism in the ether derivatives market. According to Julio Moreno, head of research at CryptoQuant, the 30-day moving average of the futures funding ratio shows a positive change, indicating growing optimism among futures traders.
“Generally, a positive and increasing funding ratio shows traders’ willingness to open long positions in the perpetual futures market, which has historically been associated with expectations of higher prices,” Moreno told The Block.
However, he emphasized that this small increase alone does not guarantee sustainable price growth for Ethereum. However, the rise in the 30-day moving average of the funding ratio is a positive sign,” he added.
Ethereum’s open interest rate has remained positive since the U.S. Federal Reserve (Fed) interest rate cut on September 18. Image: Coinglass
Data from Coinglass also highlights that Ethereum’s open interest weighted funding ratio is currently trending positively at 0.0061% following the U.S. Federal Reserve’s interest rate cut on September 18.
price of ether It’s up more than 1.6% in the last 24 hours, trading at $2,687 at 11:28 a.m. ET. Bitcoin According to CoinGecko data, dominance is 53.8%, while Ether dominance is 13.3%.
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