Ethereum Gas Fees Surge as NFT Marketplace Saw Massive Growth in 2022 First Week

• Ethereum gas charges surge as NFTs saw tremendous growth in 2022’s first week.
• Non-fungible token projects on the Ethereum platform have reached nearly 250,000 transactions.
• A technical indicator shows that Ether bulls, contemplating reversing the underperformance period.

Non-fungible tokens (NFTs) present continuous growth after tremendous upswings last year. The top NT market registered more than $243M worth of ETH trading volume on 2 January, a sharp uptick from $170M the day before. Meanwhile, Ethereum gas fees have touched a month’s peak regardless of the latest price slump.

ETH Fees Hit 1-Month High

Ether has seen its fees hitting a 1-month peak (Glassnode data). The blockchain fees paid attained the highest level on 9 January at $1,883,361. The surging ETH fees follow the soaring popularity of non-fungible tokens. CoinMetrics stats indicate that NFT projects’ activity on the Ethereum platform has shown a massive start in 2022, with almost 250,000 transactions.

The 24hr transactions have exceeded last year’s 240,000 figure in the first month of the year. On 2 January, OpenSea registered Ethereum trading volume worth over $243 million, a substantial surge from $124 million 48hrs before.

For now, Ethereum leads as far as NFT collectibles and artworks are concerned, with more than 90% non-fungible token volume (according to the network’s performance in 2021).

ETH Price Makes First Recovery Attempt

ETH price seems to be looking for a dependable footing as Ether bulls contemplate a recovery. The Momentum Reversal Indicators have displayed a bottom gesture, indicating an impending reversal for the altcoin.

On 28 December, ETH price sliced beneath the symmetrical triangle setup, authorizing a 25% drop bearish prediction. Ethereum has almost touched the pessimistic aim but looks to secure a defense line at 8 January low of $3,005.

Ethereum price will meet the first resistance zone at 23.6% FIB retracement mark at $3,216, then 38.2% FIB retracement zone near $3,347. Higher aspirations will aim 50% retracement level around the $3,453 mark. Nevertheless, persisting actions by bulls will see the altcoin sliding to 24 September peak of $2,970.

Stay tuned for the latest news on the cryptocurrency world.