Ethereum transaction uptick sees network gas fees hit multi-month high

Ethereum ETH -1.75% transaction volume has increased since the beginning of February, with network gas fees hitting a multi-month high.

According to The Block's Data Dashboard , the seven-day moving average for the economic throughput on the Ethereum blockchain has reached a high of over $3.55 billion. This is an increase of over 15% from a seven-day moving average of $3.08 billion at the beginning of the month.

The uptick in transaction volume over the past weeks has caused a spike in Ethereum network gas fees . The seven-day moving average of this metric has increased to a multi-month high of over $11. This is an elevated level not seen since mid-December 2023, according to The Block's Data Dashboard .

Gas fees spiked significantly on Feb. 9, according to YCharts data . On Friday, total Ethereum network gas fees amounted to 854 ether.

A total of 854 ETH was taken in gas fees on Friday, February 9. Image: YCharts.

The recent surge in gas prices may be attributed to a combination of factors.

In the past week, the volume of NFTs traded on Ethereum reached its highest level since late February last year, according to data from The Block. 

According to The Block's Data Dashboard , Ethereum NFT trading volume is currently at its highest weekly level since the week of Feb. 26, 2023. In the past week, Ethereum NFT trading volume reached a multi-month high of $147.29 million.

The price of ether decreased 1.9% to $2,476 at 5:30 a.m. ET, according to The Block's Price Page . 

The price of ether slipped almost 2% in the past 24 hours. Image: The Block.