Ethereum has experienced a resurgence above $3,100, showing a 2.76% spike in the past 24 hours.
With the daily RSI hovering around 44, Ethereum is approaching the oversold territory.
During the last 24 hours, Ethereum (ETH) has seen a modest uptick above $3,100, registering a 2.76% increase. The weekly high for ETH stood at $3,164, while the low touched $3,117. This upward movement coincided with Bitcoin’s climb of over 2% to $58,300, injecting optimism into the cryptocurrency market.
Although Ethereum bulls faced resistance in breaking the bearish grip, they managed to push the price above the $3,200 mark yesterday. Presently, ETH is trading at $3,157 with a daily trading volume of $11.12 billion, marking a 27.14% decline as reported by CMC.
Further analysis from CryptoQuant indicates a decrease in gas fees for Ethereum, reaching a new low since May 2024. This decline in ETH average gas fees [Gwei] suggests a reduced network usage trend. Additionally, the ETH community is eagerly awaiting the potential launch of spot Ethereum exchange-traded funds (ETFs) in the coming week, which could impact ETH’s price dynamics.
Anticipating Bullish Momentum
On a weekly basis, ETH has gained 5.22%, reaching a high of $3,197 and a low of $2,832. Over the past month, Ethereum has witnessed a drop of almost 9% from $3,622.
Examining the 24-hour ETH price chart reveals a daily RSI of 44, signaling a nearing oversold condition. The short-term 9-day moving average (9MA) at $3,129 is positioned below the current price trend, indicating a potential bullish trajectory.
ETH Price Chart (Source: TradingView)
If the bulls maintain control, initial resistance levels for ETH could be tested at $3,432, with the possibility of reaching a higher resistance at $3,784 if the upward trend continues. Conversely, if bearish pressure intensifies, ETH may retrace towards $2,887, finding support around the $2,720 range.
