The price of Ethereum (ETH) has not changed despite the optimistic outlook in the market. Nonetheless, important evidence point to a possible recovery, accompanied by a notable rise in network prices. Ethereum fees increased by 188.51% this week to over $45.2 million, the biggest since early June, according to IntoTheBlock.
Rising ETH Fees Signal Increased Demand and Potential Price Hikes
Growing Ethereum (ETH) fees are an indication of more demand and network activity, which could drive up prices. The increase in costs is consistent with Ethereum's deflationary approach, which was unveiled by the London hard fork and involves burning a portion of the fees to lower supply. With a current price of $2,653, Ethereum has increased by 1.06% over the past day, while trading volume has increased by 16.08% to $17.38 billion. The change in attitude from negative to bullish points to probable price increases in the near future.
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