The total transfer value of Ethereum, $3.08 billion, exceeded Bitcoin’s by roughly $80 million.
As the ETH/USD price appears to move away from last week’s turbulence, on-chain data shows that daily transaction fees on the network have reached new highs.
Arcane Research reports that transaction fees totaled $17.5 million on September 9. Increased profitability in the Ethereum network has pushed mining activity to new heights, with hashrate surpassing 230 TH/s for the first time since July 2018.
Ethereum has also overtaken Bitcoin in terms of total transfer value. On-chain analytics firm CoinMetrics shows the adjusted transfer value for Ethereum (7-day moving average) reached $3.08 billion, surpassing Bitcoin’s $3.01 billion.
This “flippening” is the first since January 2018, when Ethereum first approached its all-time highs. The recent surge is largely driven by increased activity within decentralized finance (DeFi).
Another key factor in the rally is the amount of Ether locked in the yearn.finance YETH vault. With users locking assets to earn yield, the total value held in the YETH vault has exceeded 200,000 ETH.
ETH/USD Price
The ETH/USD pair trades above $362 at the time of writing, up about 6.7% on the day. After the early-September sell-off pushed prices down from highs of $481, the pair remains nearly 19% lower on the weekly timeframe.
Bulls are seeking a return to an uptrend, and analysts point to a critical level that could determine the pair’s near-term direction.
According to pseudonymous investor and crypto analyst Credible Crypto, Ethereum needs to convincingly clear $386 to confirm a bullish divergence.
If the second-largest cryptocurrency by market cap breaks and holds above that resistance on higher timeframes—daily or weekly—it would signal that the recent downtrend has reversed and ETH/USD is likely to move upward.
The analyst shared a chart on Twitter after Ethereum gained nearly 10% and posted highs above $360. Addressing his more than 66,000 followers, he noted:
“Now that ETH has marked $360, I’ll outline what I expect next. There are one or two clues on the chart.”
Bears remain in control while ETH/USD trades below $384. That scenario would change if bulls push convincingly above $386. Clearing that level would likely pave the way for a recovery toward $400 and could open a path to challenge the August highs near $480.
Conversely, ETH/USD could initially slip toward lows around $300 before attempting a rebound.