Key takeaways:

• Ether’s profitability metrics drop to levels that have historically marked local bottoms.

• Ethereum fees up 83% weekly, signalling strong onchain demand.

• ETH supply on exchanges is at a nine-year low, with strong price support at $3,000.

Ether’s (

Ethereum’s fees over the past seven days climbed to $9.23 million on Friday, an 83% increase from the prior week. For comparison, Solana’s fees just rose just 9.1% while BNB Chain revenue declined by 41%.

This divergence highlights Ethereum’s dominance in

“You want to see buyers stepping in and pushing for control around the $3.2K-$3.4K area,” crypto analyst Skew wrote in a recent X post.

A drop below this level would be a “clear invalidation for $ETH,” the analyst wrote.

Fellow analyst Crypto Patel wrote,

“Holding $3,000 support is key, as it could spark the next bullish wave.”

As Cointelegraph reported, Ethereum traders have flipped bullish, as evidenced by the uptick in positive comments on social media, which was interpreted as a good sign that ETH price was back on track. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.