Ethereum Achieves Record 2.88 Million Daily Transactions Amid Low Gas Fees
- Record Transaction Volume: Ethereum's daily transaction volume reached 2.88 million, with a seven-day average nearing 2.5 million, doubling last year's figures, indicating significant scalability and enhanced user engagement that may boost the ecosystem's overall health.
- Gas Fees Plummet: Gas fees have dropped to an all-time low of approximately $0.15, making Ethereum's primary use cases like DeFi and NFTs more accessible, which is expected to attract more users and promote network growth.
- Market Dynamics Shift: Ethereum holds a market dominance of 12.37%, with a 24-hour trading volume of $20.96 billion, reflecting a 90.64% increase, which could have profound implications for Ethereum's price and market dynamics.
- Analysts Optimistic: Industry analysts suggest that the combination of low gas fees and high transaction volumes presents an ideal opportunity to explore Ethereum's vast possibilities, and despite the lack of official comments from Ethereum's leadership, positive market sentiment remains strong.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH) As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 624.833 | 1186.316 | 1705.683 | 2267.166 | 2786.533 | 3348.016 | 3867.383 |
| Fibonacci | 1186.316 | 1599.201 | 1854.282 | 2267.166 | 2680.051 | 2935.132 | 3348.016 |
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