The Ethereum network is currently experiencing very high demand due to an exchange-traded fund (ETF) filing by financial behemoth BlackRock. As a result, median gas prices have skyrocketed, reaching as high as 270 gwei - a level not seen since June 2022. Consequently, transaction fees for Ethereum users have jumped to anywhere from $60 to $100 for a few hours. This surge in fees has caused the price of ether to jump up to $2,000. While overall on-chain activity has remained low relative to a more bullish period in 2022, this could suggest that retail audiences have yet to fully experience the follow-through of increased market activity.



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