- Ethereum daily number of transactions reaches new highs
- Ethereum’s transaction fees have risen again
- The ETH bulls are targeting the $400 area
Ethereum News Today – Ethereum’s price remains resilient. At press time it was trading at $380. There is optimism for the coin considering the high demand in the network. Data given by Etherscan indicates that Ethereum usage has exceeded 95%. This has been consequential to the promising aspects of the network.
Despite the competing platforms that offer better scalability and fewer transaction fees, Ether is the leader when it comes to DeFi. One of such is Uniswap. Unisawp’s developers recently launched its governance token known as UNI. Technically, the token may seem worthless in the eyes of the founding team of Unisawp. The network said it will distribute over 100 billion UNI tokens among investors, its team, and liquidity providers.
How ETH Transaction Fees Rose by 1$ Million
Hours after the token was launched, it was supported by Coinbase. Later on, Binance launched UNI futures, which pumped its price to $5. The airdrops promoted early adopters into the millionaires club. With the high demand, came high transaction fees. Transaction Fees rose to $1 million according to GlassNode. After the news, the number of on-chain daily transactions on Ethereum rose to new highs. It even exceeded the sum registered in the greater ICO-pump of 2017/2018. This happened, despite the high Gas fees which have forced Coinbase to pass fees to their clients in a notification on September 18. Here is how it was revealed:
“From today, Coinbase Pro will be passing network fees to our customers directly.”
These fees (which are sometimes called gas fees” on the Ethereum Blockchain) are directly paid to miners who process transactions. Miners secure the network as well.
Ethereum’s Price Rises Again after Uniswap Decision
The price of Ethereum remains in the consolidation zone despite the growing confidence among traders. The digital asset is bullish but under-performs BTC during the past seven days of trade. The daily chart shows a tepid price action with reducing trading volumes. There are caps at $400 (which is ETH/USD’s immediate resistance) and the highs from September 6. The bulls seem exhausted. However, the primary trend is northwards. After reacting from the 61.8% Fib retracement area with rising volumes, the ETH bulls should aim for the $400 level.
However, this will depend on the level of participation in overcoming sellers. From an analysis of trade volume, confirmation of September 17 bulls as well as the reversal of September 5 losses will trigger demand. This could lift the price of Ethereum to $480. A sharp drop below the $350 area could see the price of ETH return to September lows of $320.