Ethereum fee spikes - local bottom indicator?

Anyone that's used (or tried to use) Ethereum in the past 30-60 days is painfully aware of the mounting fee problem tackling the network.

At the time of writing, the average fee to interact with the Ethereum blockchain stands at $12.2, though it regularly climbs to 3-4x that number on occasion.

What is less talked about, however, is that many recent fee spikes only really last about 30-60 minutes, and often seem to coincide with ETH's local price bottoms and short-term bouncebacks:

While the pattern is far from conclusive, it may suggest that at least some fee hikes may be prompted by panic sell-offs and 'paper hand' capitulation, which - assuming enough 'buy the dip' pressure - ends up marking an interim bottom for the second largest coin.