Average Gas fees on the ethereum chain over the past week are 498% higher than the previous 30-day average
A surge in activity on the Ether chain caused transaction fees to spike over the past week.From 16 to 26 September, average Gas fees were 498% higher than the previous 30-day average, with the median transaction cost for Ether rising to $1.69 from $0.09 at the beginning of the month.
Additionally, Ether Decentralised Exchanges (DEX) transaction volume increased 9% YoY and total Ether transfers increased 17% YoY, further pushing up transaction costs.
According to Kraken's analysis, Ether recently broke above the lower line of its Relative Strength Index (RSI), signalling a shift in bullish momentum in the short term, but it still faces resistance from the 200-day exponential moving average.
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