The average gas fee on the Ethereum chain in the past week was 498% higher than the previous 30-day average.

A surge in Ethereum on-chain activity has caused transaction fees to soar over the past week. From September 16 to 26, the average gas fee was 498% higher than the average of the previous 30 days, and the median transaction cost of Ethereum rose from $0.09 at the beginning of the month to $1.69. In addition, Ethereum decentralized exchange (DEX) trading volume increased by 9% month-on-month, and the total amount of ether transfers increased by 17% month-on-month, further pushing up transaction fees. According to Kraken analysis, Ethereum recently broke through its relative strength index (RSI) downline, indicating a shift in bullish momentum in the short term, but still faces resistance from the 200-day exponential moving average.