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- Ethereum's NFT sales volume increased by 31% last week, which had a significant impact on the network's transaction fees.
- ETH has been declining for the last three days of this month.
Ethereum [ETH] After the implementation of EIP (Ethereum Improvement Proposal), transaction fees have decreased significantly.
However, fees have increased slightly in recent weeks due to increased NFT sales and network activity.
Ethereum transaction fees hit the highest level in three months
Ethereum transaction fees recently reached a three-month high, according to data from IntoTheBlock. Total weekly fees totaled $45 million, the highest amount since June 2024.
Further analysis revealed that daily fees began to rise around September 22nd, with trading volume nearly doubling from $4 million, then decreasing.
At the time of writing, the fee had settled at about $3 million.
Source: Into the Block
Similarly, Etherscan data reveals that average transaction fees began to increase over the same period.
The average fee skyrocketed from $4 on September 22nd to more than $7 by September 24th, and has since fallen to around $2.85 at the time of writing.
Ethereum NFT market gains momentum
The NFT market on the Ethereum network is showing signs of new activity.
According to data from DuneAnalytics, NFT trading volumes have increased slightly in recent weeks, contributing to higher transaction fees.
According to our analysis, the daily NFT trading volume has consistently exceeded $4 million in recent days.
Source: Dune Analytics
Additionally, CryptoSlam reports that Ethereum has recorded the highest NFT sales volume in the past seven days. Sales reached $29.3 million, up 31% from the previous week, according to the data.
Ethereum trading volume is stable
Despite the rise in fees and NFT activity, Ethereum’s overall trading volume has remained stable.
According to DefiLlama data, there has been no significant spike in the total number of transactions, with the exception of a slight increase to 1.2 million on September 27th.
Over the past few weeks, the number of transactions per day has consistently hovered around 1 million.
read ethereum [ETH] Price prediction for 2024-2025
Although Ethereum has recently experienced fee increases due to increased NFT activity, transaction volumes across the network remain stable.
This suggests that NFT sales are the main driver of the current fee hike.
