Ethereum It has been under selling pressure lately, trading below $3,200. Additionally, on-chain indicators point to a decrease in network activity. As a result, the decrease in transaction fees is also noteworthy.
Ethereum’s median transaction fee price has hit a milestone, falling to a three-year low, according to the latest data from Dune Analytics. As of April 27, the median gas price stood at just 6.43 gwei, one of the lowest single-day gas median prices recorded in the last three years.
Currently the Ethereum gas fee is hovering around 5 gwei, reflecting the ongoing downward trend in gas prices on the network.
cryptocurrency In the history of trading, traders often oscillate between two emotional extremes: the optimistic belief that prices will “Go to the Moon” and the pessimistic belief that “It is dead.” These emotional swings often peak at market peaks and then return to normal levels, including transaction fees.
Over the last six weeks, during a period when markets have mostly been down, declining demand and network tension have caused Ethereum and similar altcoinIt can speed up the return for . According to Santiment, this indicates that the recovery of prices may occur earlier than the expectations of many market participants.
Ethereum Price Movement
Over the weekend, Ethereum price managed to climb above $3,300, but it failed to cope with the key resistance at $3,400.
There was a break below a key bullish trend line with support at $3,250 on the hourly chart of the ETH/USD pair. Currently, ETH is trading below both $3,220 and the 100 hourly Simple Moving Average.
However, the upside movement is evident around the 61.8% Fibonacci retracement level of the upward move from the $3,070 low to $3,355 low. Immediate resistance is near the $3,210 level as well as the 100 hourly Simple Moving Average.
If Ethereum fails to clear the $3,210 resistance, a further downside trend could emerge. The first support level will be around $3,180, and it is likely to move towards a more important support zone around $3,165.
An important support level lies near $3,070. A decisive breach below this key support level could potentially lead to additional losses towards the $2,880 level. On the other hand, spot Ethereum ETF The chances of approval appear to be diminishing as the SEC shows interest in discussing the investment product.
