Ethereum transaction fees spike, despite a drop in active accounts

Ethereum transaction fees have risen markedly in recent weeks, even as the number of active accounts on the network has fallen to its lowest point this year. The average transaction charge has decreased to its lowest level since 2020, falling below $1.

Nonetheless, the seven-day moving average transaction charge surged markedly, attaining $3.52 on September 21, about three times its value at the beginning of the month.

This surge resulted in a 1600% escalation in Ether burns, with 1,360 ETH burned on September 21, signifying a 1600% increase from earlier in the month. Uniswap, Telegram-based bots such as Maestro and Banana Gun, and transactions involving stablecoins like Tether and USD Coin have constituted the primary gas-consuming contracts on the network.

The seven-day moving average of active Ethereum accounts has declined to year-to-date lows, totaling approximately 385,000 active accounts, the lowest since December 2023.

Ethereum is facing further examination within the cryptocurrency community, as the Ethereum-to-Bitcoin market capitalization ratio has reached its lowest level since 2021.