Median Ethereum Gas Price Drops to 5-Year Low As Daily ETH Burn Rate Plunges
Ethereum Gas Fees and Layer-2 Activity: Ethereum's median gas fees have dropped to a 5-year low of 1.9 gwei, while layer-2 networks like Coinbase's Base are processing significantly more transactions than the Ethereum mainnet, raising concerns about the impact on staking rewards.
Decline in ETH Burn Rate and Price: The daily amount of ETH burned has decreased to its lowest level for 2024, with only 210 tokens burned on August 10, coinciding with a more than 4% drop in ETH's price, trading at $2,551.56.
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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 5 technical signals, shows that 1 indicators are flashing buy, while 4 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 | 1023.782 | 1385.791 | 1751.962 | 2113.971 | 2480.142 | 2842.151 | 3208.322 |
| Fibonacci | 1385.791 | 1663.956 | 1835.806 | 2113.971 | 2392.136 | 2563.986 | 2842.151 |
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