Coinspeaker
Ethereum (ETH) Eyes $3K Mark as Network Activity Surges
Things are looking bright for Ether (ETH) at the moment following a resurgence in Ethereum network activity this week. According to the research head of Matrixport Markus Thielen, the weekly revenue recently recorded on the Ethereum network is an indicator of good times to come. Thielen noted in his report:
“Revenues for the Ethereum ecosystem are bottoming out from depressed levels; this could signal a tradeable bottom for ETH.”
Thielen’s take is directly linked to Ethereum’s weekly revenue which has seen a significant rise in the past two weeks. The network’s transaction fees, otherwise known as gas fees, have gone past $30 million for two weeks now, per Token Terminal data. That is the same weekly revenue that hit a yearly low of $12 million back in early October.
Last week alone, the Ethereum blockchain saw $250 billion worth of transactions, its highest in about eight months.
According to Thielen, it w
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