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Miners post bumper harvest on Ethereum as Uniswap activity pushes fees to record highs

Ethereum price is eyeing a match back to highs of $400 after posting a sharp 7% rise in the past 24 hours. As of writing, the cryptocurrency is trading around $386, up nearly 3% on the day and likely to negotiate the key hurdle at the new psychological level.

ETH/USD at $400 has proven a tough ask for bulls over the past week after the crypto fell from highs near $500 to flirt with support near $300 as markets crashed under heavy selling last week.

Yesterday’s surge in ETH/USD prices came on the back of increased activity on the Ethereum network related to the launch of Uniswap’s governance token UNI. The number two crypto by market cap appeared to have reacted to the upside in Uniswap related activity as transaction fees spiked to new all-time highs and miner revenue hit new multi-year levels.

According to on-chain analytics platform Glassnode, activity saw the total transaction fee jump to nearly $1 million an hour. It pushed miner total miner revenue to highs last seen in 2018, with miners earning over 2,200 ETH an hour from fees. Meanwhile, gas prices also spiked, hitting over 700 gwei in some cases.

Ethereum transaction fees chart. Source: Glassnode

At one point, users were paying an average of $11 in transaction fees, the highest ever in Ethereum’s history.

Blockchair data shows that the current average transaction fee in US dollars on the network is $10.46. The median transaction fee is $6.12- still higher than the average witnessed during the ICO frenzy of 2017-2018.

Median gas price chart. Source: Dune Analytics

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