According to a report from Coinbase published on September 27, Ethereum network transaction fees have surged significantly in the past two weeks.

Analysts David Duong and David Han attribute this spike in transaction fees to a rise in onchain activity, driven by multiple contributing factors.

The average Ethereum gas fees skyrocketed by 498% from mid-September to late September, with median transaction costs increasing from $0.09 to $1.69.

In the past week, gas fees fluctuated significantly, reaching as high as 40 gwei, while also experiencing periods of lower fees between 5-10 gwei.

Reflecting this heightened onchain activity, the daily total Ether fees burnt surged over 900%, totaling 2,097 ETH between September 14 and September 24.

Additionally, total Ether transfer volumes grew by 17% week-on-week, further correlating with the rise in transaction fees.

Despite the positive momentum in transaction activity, Ether remains below its 100-day and 200-day exponential moving averages, which are currently at $2,770 and $2,864, respectively.

On a more optimistic note, Ether's price has recently broken above its relative strength index downtrend line, signaling a potential bullish shift in short-term momentum.

Moreover, Ethereum decentralized exchange (DEX) volumes have seen a slight week-on-week increase of 9%, indicating growing trading activity.

In the lending sector, USDC deposit rates on the platform Aave have risen from 3.5% to 4.5%, suggesting a modest increase in leverage.

Investment products related to Ethereum, such as BlackRock's ETHA, have also experienced positive inflows, with $11.5 million added on September 27, bringing total net inflows to over $1 billion.

In a notable surge, DApp volumes nearly doubled in the last 24 hours, increasing by 97% to $3.6 billion, while NFT volumes also rose by 17% on the same day.