Ethereum Network Fees Two Folds In a Week Amidst Increasing DeFi Activity

The average transactions fee on Ethereum blockchain has touched its 2nd highest level ever, subsequent to setting the record earlier this month.

Ethereum fees lingering around at historically preeminent levels, as crypto miners ascend to augment capacity and yield from unprecedented network activity levels.

It is to be noted that the average transaction fees on the Ethereum blockchain have more than doubled since last week, mounting to more than eleven USD 17th September and upholding a band of prices above two USD that has now lasted for more than a month, far elongated than any former stretch at those levels.

With network fees at some of their highest levels ever, miners have been putting in more and more hash power, increasing the total close to two hundred and fifty terahashes per second, which signifies two hundred and fifty trillion attempts to find the precise mathematical computation to find the subsequent blockchain block.

With average fees at some of their peak levels ever and ETH miners gearing up for even more network activity, it looks as if ETH prices, still far away from a recent peak of more than four hundred and eighty USD made on 1st September, could be headed upward, too.