Surging activity on the ethereum chain has caused transaction fees to spike over the past week

September 27 - A surge in activity on the Ether chain has reportedly caused transaction fees to spike over the past week.Between September 16 and 26, average Gas fees were 498% higher than the average of the previous 30 days, and the median transaction cost for Ether rose to $1.69 from $0.09 at the beginning of the month. Additionally, Ether Decentralised Exchanges (DEX) transaction volume increased 9% YoY and total Ether transfers increased 17% YoY, further pushing up transaction costs.

According to Kraken's analysis, Ether recently broke above the lower line of its Relative Strength Index (RSI), indicating a shift in bullish momentum in the short term, but still faces resistance from the 200-day exponential moving average.