Ethereum price chart targets $4K as transaction fees hit 3-month high
Ether's price has formed a "bull flag" on the daily chart, indicating potential upward momentum. The price rose nearly 56% to $2,734 on May 23, driven by a market recovery and increasing transaction fees. Ethereum's daily transaction count increased by 37% over the past month, reaching levels last seen in January 2024. Daily average transaction fees hit a 90-day high of 0.0005 ETH ($1.33) on May 22, reflecting heightened network activity. The total value locked (TVL) in Ethereum's smart contracts rose over 44% to $65.3 billion, with significant increases in deposits on various protocols. US-listed spot Ether ETFs saw $249 million in net inflows. Analysts suggest that if ETH holds above $2,400, it could target $3,600 and potentially approach $4,000.
