CandleFocus Ethereum Gas Fees Soar 314%! But Why Are Users Vanishing Amidst the Surge?
2024-09-23
Author: Content Editor
Ethereum transaction fees have surged 314% to reach an average of $3.52. The burn rate of Ethereum has also skyrocketed by 1,600%, with 1,360 ETH burned on September 21. Despite these increases, the number of active Ethereum accounts has dropped to a yearly low of around 385,000. The spike in transaction fees is primarily due to high gas consumption and network congestion, as well as transfers of Ether and transactions involving stablecoins. The increase in fees has led users to pay significantly more for transactions on the Ethereum blockchain. The rise in burn rates is a result of the Ethereum burning mechanism introduced with the EIP-1559 upgrade. Despite these challenges, Ethereum's price has risen over 14% in the last seven days, currently trading around $2,645, with support at $2,550 and resistance at $2,680 and $2,720.
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