ETH Transaction Fees Surge as Altcoin Surpasses $2K

Trading activity surged with a 39.43% increase in ETH transactions, reaching a total volume of $12.96 billion.

ETH Transaction Fees Surge as Altcoin Surpasses $2K
ETH Transaction Fees Surge as Altcoin Surpasses $2K

Santiment revealed earlier today in an X post that Ethereum (ETH) transaction fees have increased since the altcoin surpassed $2K.

As per the publication, Ethereum network fees increased to a maximum of $5.72 per transaction on Sunday. Significantly, the network fee has peaked since July 4th of this year.

Comparatively, the most recent fee increase is negligible in light of the levels reached earlier this year. In May, Ethereum transaction fees peaked at an average of $14, according to Santiment.

In the interim, additional on-chain analysis reveals that Wrapped Ethereum (wETH) received the preponderance of Ethereum’s fees.

The increasing transaction costs of Ethereum failed to deter investors during the previous twenty-four hours.

According to data from the cryptocurrency market monitoring website CoinMarketCap, the leading altcoin experienced a 24-hour increase of 0.53%.

Following this, ETH was being exchanged for $2,060.58. This contributed to ETH’s weekly uptrend, which increased it by 8.88%.

A surge in trading activity was also observed for ETH on the final trading day. CoinMarketCap data revealed a 39.43% increase in the total volume of ETH transactions.

As a result, the total trading volume of the cryptocurrency increased to $12,957,381,079.

ETH Transaction Fees Surge as Altcoin Surpasses $2K
Daily chart for ETH/USDT (Source: TradingView)

In the preceding twenty-four hours, ETH rebounded from the $2,030 support level and may attempt to ascend to the $2,150 significant resistance level in the coming days.

Subsequently, sustained buying pressure may propel ETH to a short-term high of $2,300.

In the following twenty-four to forty-eight hours, a price decline of the altcoin leader below the $2,030 support level could render this bullish thesis invalid. Under the ensuing bearish scenario, ETH may decline to $1,945, its lowest support level.