Ethereum transactions hit a 7-months high as ETH/USD smashes $140 barrier

Ethereum transactions hit $650,000 almost doubling February’s $380,000.
The increasing transactions could suggest that demand is on an upward roll.

John Isige FXStreet

The daily transactions on Ethereum blockchain have hit a seven-months high around $650,000. Moreover, the transactions have sustained in this range for a few days now. The rise is almost doubling February’s high of $380,000 daily transactions.

Other parameters like the daily gas usage are heading towards all-time high levels. The fees per transaction have maintained around 1% while the block reward per day stands at circa 13,600 ETH from 20,000 in February. The Google searches for ETH are still in a downtrend.

The above transactions alone cannot be used to predict the trend the price is going take. Issues like the correction with Bitcoin’s price affect the trend as well. However, the increasing transactions could suggest that demand is on an upward roll. On the contrary, only $400,000 is transferred daily on Ethereum blockchain.

Meanwhile, amid the rising daily transactions, Ethereum reacted in tandem with other cryptos in the market on Friday breaching the hurdle at $140. ETH/USD extended the gains above $142 but reversed the trend on failing to hit $143. At present, it is trading at $141.16 with support establishing at $141.00. Other support levels include $140, the 50 SMA 1-hour, the 61.8% Fib level 1-hour and $132.