Ethereum Sets New Transaction Record as Gas Fees Drop to $0.15
- Surge in Transactions: Ethereum has set a new daily transaction record, with average gas fees dropping to just $0.15, significantly lowering the cost for users to engage in DeFi, NFTs, and on-chain transfers, thereby driving widespread network usage.
- Reason for Fee Decrease: The reduction in transaction costs is attributed to Ethereum's ongoing scalability improvements and decreased network congestion, allowing both everyday users and institutions to benefit from enhanced efficiency during high-volume activities.
- Rise in Institutional Staking: Institutional interest in Ethereum staking has surged, with companies like Bitmine and Sharplink significantly increasing their ETH staking positions, reflecting strong confidence in Ethereum's long-term security and profitability.
- Zero Validator Exits: The increase in staking activity has led to validator exits dropping to zero, indicating that existing validators are firmly committed to Ethereum, likely due to stable yields and growing demand for ETH staking services, which further strengthens the network's stability and decentralization.
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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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