The price of Ethereum (ETH) has not seen significant growth despite a bullish market sentiment, but there are signs pointing towards a potential rally. One important metric, network fees, has reached the highest level since June, increasing by 188.51% in the past week to $45.2 million. Rising fees indicate increased network activity and demand for Ethereum, which can result in higher ETH prices. The increase in fees also contributes to Ethereum becoming deflationary, as a portion of gas fees is burned through the EIP-1559 introduced in the London hard fork. The rise in gas fees is seen as a bullish development for ETH, which is currently trading at $2,653, with an increase of 1.06% in the last 24 hours. Trading activity has also surged, with a 16.08% increase in trading volume to $17.38 billion, signaling a shift from bearish to bullish sentiment and expected price increases for Ethereum.



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