Ethereum’s network activity has reached new heights, with transaction fees jumping nearly 40% this week.
This surge is fueled by increased trading activity in decentralized finance (DeFi) protocols and the ongoing popularity of memecoins.
Ethereum saw nearly a 40% increase in fees this week, as DeFi and memecoin trading continue to surge pic.twitter.com/jSndPmeRFe
— IntoTheBlock (@intotheblock) December 6, 2024
Large-scale Ethereum transactions are also on the rise. The weekly transaction volume has soared by over 300%, reaching an impressive $17.15 billion as of today. This sharp increase underscores Ethereum’s growing role as a preferred platform for high-value transfers and decentralized applications.
Large #Ethereum transactions are surging! The weekly transaction volume has skyrocketed by over 300%, hitting $17.15 billion today. pic.twitter.com/3cBBG48RgR
— Ali (@ali_charts) December 7, 2024
Ethereum Positions For Further Price Action
From a technical perspective, Ethereum appears well-positioned for further price growth. Analysts suggest there are no significant barriers preventing ETH from hitting new all-time highs. While a modest resistance zone exists around $4,540, as long as the $3,560 demand zone remains intact, the outlook remains bullish, favoring upward momentum.
There is nothing preventing #Ethereum $ETH from reaching new all-time highs. The only modest resistance zone ahead is around $4,540. But as long as the $3,560 demand zone holds, the odds favor the bulls! pic.twitter.com/rggCAWOCA9
— Ali (@ali_charts) December 7, 2024
Institutional interest in Ethereum continues to climb, as evidenced by strong inflows into Ethereum spot ETFs. On December 6 alone, the total net inflow reached $83.76 million, marking 10 consecutive days of positive inflows. Fidelity’s FETH ETF led the charge with an average daily inflow of $47.88 million, followed by BlackRock’s ETHA ETF, which brought in $34.56 million per day.
Ethereum spot ETF had a total net inflow of $83.7587 million on December 6, and continued to have net inflow for 10 consecutive days. Fidelity ETF FETH had a net inflow of $47.8829 million per day, and BlackRock ETF ETHA had a net inflow of $34.5594 million per day.… pic.twitter.com/JuDfznZRhW
— Wu Blockchain (@WuBlockchain) December 7, 2024
The combination of rising transaction volumes, robust demand for Ethereum-based products, and growing institutional participation points to a bright future for the network. With DeFi activity thriving and key support levels holding strong, Ethereum appears ready to capitalize on its momentum and set new records in the months ahead.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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