ETHGas Fees Soar 36% as Ethereum Network Activity Surges

ETHGas fees surged 36% due to increased Ethereum network activity and congestion. The rise in gas fees was driven by a rebound in Ethereum transactions and a significant increase in DeFi lending, which now accounts for 67% of on-chain borrowing. Layer 2 solutions such as Arbitrum and Optimism also contributed to the spike in activity.

While GWEI broke above its key resistance level of $0.01983, continued price gains depend on sustained network congestion and buying interest. This means that if Ethereum's network usage remains high, it could lead to further increases in gas fees.

The surge in ETHGas fees is also related to the recent rebound in Ethereum transactions. The price of Ethereum has been holding above $1,900, supported by $92.15 million in net inflows into US spot Ethereum ETFs and positive short-term momentum.