The increase in transaction volume on the Ethereum blockchain network has caused gas fees to rise to their highest levels in recent months. Despite the decline in Ethereum price, transaction volume has increased significantly since the beginning of February. This caused gas fees to rise on the Ethereum network.
Gas Rates Increase
The seven-day moving average of transaction volume, an indicator of economic activity on the Ethereum blockchain, rose 15% to over $3.55 billion. With this increase, the seven-day moving average of gas fees exceeded $11, the highest level since December 2023.
Impact of the NFT Market
In particular, the large increase in NFT transaction volume is seen as an important factor in the rise of gas fees. NFT transactions on Ethereum hit a record high with volume of $147.29 million, a multi-month high.
This transaction density on the Ethereum network and growth in the NFT market draws attention to the rise of network gas fees and scalability issues. Increasing fees are causing users and the network to question how they will address these issues.
On the other hand, Ethereum price managed to surpass a key resistance level at $2,500 and is trending around $2,626. Analysts predict that the Ethereum price may reach $2,700 in the near future.
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