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Ethereum gas fees have significantly decreased despite on-chain data indicating a rise in network activity. An impending breakout from a triangle pattern indicates a potential rally to $4,000 despite continued market volatility.

Ethereum was trading at $2.95K at the time of writing, up 0.59 percent from the previous day. According to on-chain data, the Ethereum network may have resolved the long-standing problem of exorbitant gas costs. Gas prices have decreased to an average of $0.0027, the lowest amount in years, according to Etherscan. This decline occurs despite an increase in network activity, which has long been associated with high blockchain fees.

Ethereum daily transactions have surged to 2.39 million, the highest level in over 5 years, according to YCharts data. Furthermore, during the past two weeks, the number of daily active addresses has doubled to over 800,000. Additionally, the number of new users has increased.

Markets expressed a bullish outlook for X, speculating that the price could rise to $4,000 as the Ethereum network demonstrates resilience. Such gains could result from the breakout of a bullish ascending triangle pattern, according to the analyst’s forecast. The crucial barrier that Ethereum must overcome to hit $4,000 is $3,413. The analyst points out that this breakout rally might be feasible if the price can rise above this level and surpass $3,660. But for the bullish leg to happen, the bullish thesis depends on ETH maintaining the $3,085 support level.