ETHGas Rockets 36% Amid Ethereum Network Activity Rebound
The Ethereum network saw a surge in activity, causing ETHGas to rise by over 36%. This increase in gas fees is attributed to the rebound in network activity and congestion. Data from Etherscan shows that transaction numbers have been steadily increasing, with August seeing between 3,094 and 6,186 transactions.
The Ethereum lending ecosystem has also seen a significant contribution to this surge in activity, with DeFi lending dominance reaching 67% of all on-chain borrowing. Layer 2 solutions such as Arbitrum One and Optimism have further contributed to the increase in activity, leading to higher gas fees for ETHGas.
As the price of ETHGas continues to rise, some analysts are questioning how high it can go. The Bollinger Bands (BB) indicate a lot of volatility in the token's price movement, with a resistance level at $0.028. However, if GWEI breaks and holds below $0.01983, the trend may continue.