Ethereum fees hit an 11-month high last week, according to a review by Santiment. Fees were at their highest level since the spring of 2022 when Ethereum fell below the psychological $2,000 mark.
According to the EtherScan service, last week the average daily number of transactions in the network exceeded 1 million. Experts note that in April, transaction fees were even higher than during the crash of the FTX cryptocurrency exchange in November 2022.
However, as early as this week, the activity of Ethereum addresses has declined sharply, which has led to a weakening in demand for transaction processing. As a result, commissions collapsed by 35% to $5.28, Santiment stressed.
The average daily number of transactions on the ETH blockchain fell to 867,660 on April 24. The capitalization of the underlying asset of the Ethereum network decreased by about 14% over the week.
Altcoin is under strong pressure and may fall below $1800.
In case of a rollback, he will be able to count on support in the region of $1,750.
At the same time, the majority of Ethereum holders (66%) are still making a profit, according to IntoTheBlock data. 32% of ETH addresses are still unprofitable.