Ethereum Bull Case Gains Momentum as Fees Fall and ETF Inflows Surge

Ethereum's bull case has strengthened as three key trends converge: lower network fees, increased institutional inflows through U.S. spot ETFs, and an improving technical structure.

According to data from BMNR Bullz, median mainnet fees fell by more than 99% from above $2 in January 2024 to below $0.02 by March 2026. Meanwhile, mainnet throughput roughly doubled, and median Layer 2 transaction fees declined by about 95%.

U.S. spot Ethereum ETFs have seen a surge in demand, with $244.9 million in weekly inflows through August 7, marking the fifth consecutive positive week. Crypto Patel's fractal analysis suggests that Ethereum is within a four-year expansion pattern associated with earlier Bitcoin halving cycles.

The fractal maps $1,000 to $1,500 as a major support range and $4,000 as resistance. If the structure continues to hold, Patel's fractal also projects a potential Wave 5 expansion towards $10,000 to $16,000.