Ethereum Updates

Ethereum (ETH) transaction fees have increased recently as on-chain activity surges. According to Coinbase, the average gas price has risen 498% over the past ten days (September 16 to September 26), with median transactions now costing $1.69, compared to $0.09 earlier this month. Analysts David Duong and David Han noted that several factors contributed to this increase, including a 9% rise in decentralized exchange (DEX) volumes and a 17% rise in total ether transfer volumes.

Ethereum Breaks Above Key Indicator

Ethereum has broken above its relative strength index (RSI) downtrend line, marking a potential bullish shift in momentum, as reported by analysts at Kraken. They suggest the key resistance level to watch is the $2,813 pivot. Despite these positive signals, Ethereum remains below its 200-day exponential moving average (EMA) of $2,882, which could act as significant resistance until reclaimed.

Positive Signs in the Ether Derivatives Market

In the ether derivatives market, there are signs of renewed optimism as the futures funding rate 30-day moving average shows a positive trend, indicating growing bullish sentiment. According to Julio Moreno, Head of Research at CryptoQuant, increasing funding rates suggest traders are willing to open long positions, historically linked to expectations of price increases. Ethereum’s open interest-weighted funding rate has been positive since the Federal Reserve rate cut on September 18.

Current Market Status

As of now, the price of Ether has risen more than 1.6% to $2,687 and Bitcoin’s dominance stands at 53.8% while Ether’s dominance is at 13.3%, according to CoinGecko.