Last week, Ethereum fees reached an 11-month high, according to a review by Santiment. Fees were the highest since the spring of 2022 when Ethereum dropped below the psychological $2,000 mark.
EtherScan data showed that the average daily number of transactions in the network exceeded 1 million.
April’s fees even surpassed those during the crash of the FTX cryptocurrency exchange in November 2022.
This week, however, activity of Ethereum addresses has declined sharply, resulting in a 35% decrease in transaction fees to $5.28, as Santiment has reported.
The capitalization of the ETH blockchain has also declined by 14% over the past week and altcoin is now under strong pressure, potentially falling below $1,800.
If this happens, it will find support in the region of $1,750. Despite these drops, 66% of Ethereum holders are still in the green, according to IntoTheBlock data. 32% of ETH addresses are still unprofitable.