Ethereum Network Activity Surges as Daily Fees Reach $1.4 Million

Ethereum is experiencing selling pressure after reaching all-time highs earlier this year. Analysts are debating if this is a healthy correction or the start of a deeper pullback.

Current price around $4,330, consolidating after a rally above $4,800.
Network activity remains strong with rising demand for block space and high transaction volumes.
Ethereum generated $1.4 million in network fees, the highest among all blockchains, indicating sustained utility.
Key support levels at $4,000; losing this could lead to deeper retracements, with $3,600 as initial support.
Resistance noted near $4,800; breaking this could lead to retesting the $5,000 level.

Macroeconomic factors, particularly U.S. labor data and Federal Reserve policy, may influence Ethereum's short-term direction despite its strong fundamentals.