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Ethereum Gas Fees Surge 498% as Onchain Activity Intensifies

by Matoy
October 1, 2024
in Breaking News, Crypto
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  • Ethereum gas fees have increased by 498% between Sept. 16 and 26, reflecting rising onchain activity.
  • The surge is driven by increased DEX volumes and higher USDC deposit rates on Aave, among other factors.
  • Total Ether transfer volumes rose by 17% week-on-week, with ETH burning over 2,000 ETH daily during the period.

Ethereum network users are witnessing a significant rise in gas fees, with average transaction costs spiking by 498% over the last two weeks. According to a report from Coinbase released on September 27, the median transaction fee rose from $0.09 earlier this month to $1.69 between September 16 and 26. The report attributes this jump to an increase in onchain activity.

Coinbase analysts David Duong and David Han noted that Ethereum’s decentralized exchange (DEX) volumes grew by 9% compared to the previous week. They also highlighted a moderate uptick in USDC deposit rates on Aave, a lending platform, which moved from 3.5% to 4.5%. Alongside these developments, Ether transfer volumes saw a 17% increase over the past week, further contributing to the rising transaction fees.

Gas Fee Volatility and Impact

Blockchain efficiency firm Gashawk reported that gas fees spiked to 40 gwei several times last week. Fluctuations have been frequent, with fees falling back to 5-10 gwei before climbing again. Between September 14 and 24, daily burned Ether fees increased over 900%, reaching more than 2,000 ETH, based on data from CryptoQuant.

DApp usage has also surged. Data from DappRadar revealed a 97% rise in decentralized application volumes in just 24 hours, totaling $3.6 billion. NFT volumes on the Ethereum network have similarly risen, reflecting the platform’s growing activity.

Ether Price and Technical Indicators

On the technical front, Ethereum has seen a shift in momentum. Its relative strength index (RSI) broke through a downtrend line that began after March’s high of $4,093. Despite this bullish indicator, Ether’s price remains below the 100-day and 200-day exponential moving averages (EMAs), which hover around $2,770 and $2,864. Flipping these levels into support is necessary to confirm any potential recovery.

In another positive sign, Ethereum investment products saw $87 million in inflows, breaking a five-week streak of negative performance. Spot Ethereum ETFs recorded notable inflows of $58.7 million on September 27, driven by growing interest in the market. BlackRock’s ETHA fund also experienced positive flows, crossing the $1 billion mark in net inflows with an additional $11.5 million on the same day.

Tags: ethereum
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