Ethereum network fees have experienced a prominent increase, coming to $5.72 per transaction, denoting the highest point since July 2023. On-chain analytics provider Santiment attributes this rise to Ethereum’s new surge beyond $2,000 and a concurrent increase in network activity. Despite the increase, transaction fees are considered reasonable when contrasted with the peak average fee levels of $14 observed in May.
💸 #Ethereum's fees have unsurprisingly risen as $ETH rose back above $2K last week & network utility surged. Relatively, though, transactions are still cheap compared to $14 May average fee levels we saw. Watch how other ERC-20's are impacted, as well. https://t.co/yuzXALw53z pic.twitter.com/ndw1PYeVEF
— Santiment (@santimentfeed) November 14, 2023
BlackRock Ethereum ETF Filling
The Ethereum network witnessed uplifted activity after Ethereum’s price spiked to $2,134 last week, driven by the declaration of BlackRock filing for a spot Ethereum ETF. The surge in trading volume going with this declaration probably contributed to the increase in transaction fees per transaction.
While the network fees have risen, they are still considered moderate in comparison to the peak fee levels observed before in the year. This suggests that, despite the ongoing increase, users are exploring the Ethereum network with fees that are generally reasonable.
Ethereum Near Future Price Might Be Influenced By The Approval Of Spot Ethereum ETF
As of the latest update, the price of Ethereum (ETH) has experienced some selling pressure yet remains robust at around $2,045. The overall market sentiment around Ethereum is impacted by both the new price movements and the anticipation surrounding developments such as the expected approval of a spot Ethereum ETF.
The Ethereum community is closely monitoring these fee movements, as the network fees assume a pivotal part in the overall user experience and can influence the Ethereum blockchain. As Ethereum continues to develop and confront scalability challenges, the administration of transaction fees remains a point of interest for developers and the community alike.
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