For the first time since January 2018, Ethereum has overtaken Bitcoin in total transfer value. On a seven-day moving average, Ethereum reached $3.08 billion while Bitcoin stood at $3.01 billion, an $8
For the first time since January 2018, Ethereum has overtaken Bitcoin in total transfer value. On a seven-day moving average, Ethereum reached $3.08 billion while Bitcoin stood at $3.01 billion, an $80 million difference.
Transaction fees hit record levels on the network. On September 9, users paid $17.5 million in daily fees, according to Arcane Research. Miners pushed hashrate above 230 TH/s for the first time since July 2018, drawn by heightened rewards.
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DeFi activity drove the surge. Users locked Ethereum into yield platforms, especially the yETH vault on yearn.finance, which accumulated over 200,000 Ether. Investors seeking income from their locked assets continued pouring money into these applications.
ETH/USD trades above $362, up 6.7% from the previous day, but the weekly decline tells a different story. An early September selloff sent Ethereum tumbling from $481, leaving the pair down 19% on the week.
Credible Crypto, a pseudonymous analyst with 66,000-plus Twitter followers, identified a critical level for bulls. He posted a chart showing that Ethereum must break above $386 with conviction to confirm a bullish divergence. "Now that $ETH has tagged $360, I will let you figure out what I expect will happen next. There is a hint or two on the chart," he wrote.
If Ethereum moves above $386 on daily or weekly timeframes, the recent decline would have reversed and prices should climb above $400, potentially reaching August highs of $480. Below $384, bears control the price action. The pair could drop to $300 on the downside before any rebound takes hold.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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