Ethereum Network Activity Heats Up As Fees Hit $1.4M In 24H

Ethereum has recently come under selling pressure, pausing the relentless bullish momentum that earlier this year pushed ETH to fresh all-time ￰0￱ an aggressive impulse that began in April, the second-largest cryptocurrency by market capitalization is now showing signs of fatigue, with analysts debating whether this is simply a healthy correction or the early stages of a deeper ￰1￱ some, the cooldown is a natural breather after months of parabolic growth, giving the market a chance to reset before its next leg higher. However, the risks of an extended correction are mounting, especially as investors reassess valuations across the broader crypto ￰2￱ Reading: Bitcoin CDD Indicator Signals LTH Distribution As Demand Offsets Pressure Despite the current uncertainty, key data from Artemis suggests Ethereum’s network activity is far from cooling ￰3￱ metrics show rising demand for block space, higher transaction volumes, and consistent activity in decentralized finance (DeFi) and layer-2 ￰4￱ divergence between price action and underlying usage points to strong fundamentals, even as short-term traders lock in ￰5￱ coming weeks will be critical in determining whether Ethereum stabilizes above key support levels or slides into a deeper correction, with network strength potentially serving as the anchor that keeps long-term bulls ￰6￱ Fees Highlight Strength Amid Uncertainty Ethereum continues to demonstrate its dominance in the crypto ecosystem, even as price action faces pressure from broader market ￰7￱ to data from Artemis, shared by analyst Ted Pillows, Ethereum generated $1.4 million in network fees yesterday—the highest among all ￰8￱ figure underscores Ethereum’s entrenched position as the most actively used smart contract platform, reinforcing its fundamental ￰9￱ fee generation is often tied to growing demand for block space, DeFi applications, and layer-2 activity, all of which point toward sustained utility regardless of short-term market ￰10￱ consistent fee leadership provides a strong case for Ethereum’s long-term bullish ￰11￱ during periods of consolidation, the ability to generate higher revenue than competitors highlights its network’s resilience and entrenched role in crypto’s ￰12￱ often view these metrics as signals of enduring value, suggesting Ethereum remains well-positioned for the next wave of capital inflows once market conditions stabilize.

Still, the macroeconomic backdrop influences Ethereum’s immediate ￰13￱ labor data in the United States has injected fresh uncertainty into markets, even as expectations grow that the Federal Reserve will eventually be forced to cut rates due to persistent weakness in the labor ￰14￱ policy tug-of-war creates volatility across risk assets, including ￰15￱ Ethereum, it means fundamentals remain strong, but price action is at the mercy of external economic signals. Ultimately, Ethereum stands at a critical intersection: its network activity and fee dominance support a bullish outlook, yet macro pressures continue to dictate short-term ￰16￱ ETH resumes its uptrend or extends its correction may depend as much on Federal Reserve policy as on its own fundamental ￰17￱ Reading: Whales Are Buying Solana: Two Wallets Pull 376K Tokens From Binance Price Analysis: Key Resistance Ahead Ethereum is currently trading at $4,330, consolidating after a sharp rally that carried the price above the $4,800 level earlier this ￰18￱ weekly chart shows ETH holding its ground following a strong breakout, with bulls successfully reclaiming key moving ￰19￱ 50-week SMA at $2,931 and the 100-week SMA at $2,874 now sit well below current price levels, reinforcing Ethereum’s bullish ￰20￱ the 200-week SMA at $2,443 has turned into a distant support, underscoring the strength of the recent ￰21￱ momentum remains on Ethereum’s side, the chart also signals some ￰22￱ rejection near $4,800 shows sellers are active at higher levels, creating short-term ￰23￱ long as ETH sustains above $4,000, however, the uptrend remains intact, with consolidation potentially serving as a base for the next attempt higher.

A decisive break above $4,800 would open the door to retest the $5,000 psychological barrier and possibly set new all-time ￰24￱ Reading: Bitcoin Market Absorbs Supply In Batches: VDD Highlights Mature Bull Phase On the downside, losing $4,000 could trigger deeper retracements, with $3,600 emerging as the first key support. Overall, Ethereum is in a strong technical position, but its next major move will depend on whether bulls can muster enough momentum to overcome resistance and extend the ￰25￱ image from Dall-E, chart from TradingView