Ethereum trades at $386 following a 7% surge in the past 24 hours, up 3% today as it tests the $400 level that has proved difficult for buyers all week. The cryptocurrency had climbed near $500 before
Ethereum trades at $386 following a 7% surge in the past 24 hours, up 3% today as it tests the $400 level that has proved difficult for buyers all week. The cryptocurrency had climbed near $500 before crashing toward $300 as heavy selling gripped the market last week.
Yesterday's rally traced back to a spike in Ethereum network activity surrounding Uniswap's launch of its governance token, UNI. As the second-largest cryptocurrency by market cap, ETH responded to the transaction surge that overwhelmed the network. The influx sent fees and miner revenue into territory never before seen.
Glassnode data showed transaction fees climbing to nearly $1 million per hour as activity peaked. Miners were earning 2,200+ ETH hourly from transaction fees, matching the rates they pulled in back in 2018. Meanwhile, gas prices spiked above 700 gwei during the surge.
For users sending transactions, the costs were punishing. Average fees reached $11 per transaction, Ethereum's all-time high. Current data shows the average at $10.46 and the median at $6.12, with the median alone exceeding what the average was during the 2017-2018 ICO cycle.
The technical picture shows ETH up 8% over the past week, though momentum has stalled below $400. The cryptocurrency rallied 6.5% from $365 lows to $395 highs before hitting resistance. Buyers maintained ground above $385 over the past 24 hours, where the 50% Fibonacci retracement of the $395-to-$381 drop aligns.
To reach $400, bulls must clear the 61.8% and 78.6% Fibonacci levels. An upside break above the ascending triangle formation would set up consolidation above $400 heading into the weekend. A close above $390 indicates buyer control of the price action.
The first downside support sits at the 38.2% Fibonacci level, followed by the 20-day moving average at $374.50 and the 20-day EMA at $378.4. Below those, the 50 and 100 exponential moving averages mark additional support levels.
