- Amid the bear dominance, the price has declined 5.61% in the last 7 days.
- If the price breaks below the recent low of $1524 then it will likely test $1430 level.
Investors have suffered heavy losses as a result of recent crypto market movements. The price of Bitcoin and several other cryptocurrencies has fallen recently due to concerns about geopolitical unpredictability and lackluster US macroeconomic statistics.
IntoTheBlock, a blockchain data research company, says that the Ethereum network has entered a new period of low transaction fees and is once again testing a deflationary outlook for ETH. The research outlines that transaction fees on the Ethereum Blockchain have dropped to their lowest rate since April 2020, down by about 90% from their all-time high in May of this year.
The Layer 2 solutions created to expand and improve the scalability of Ethereum are also highlighted in the research for their role in lowering transaction costs. As a result of this advancement, users of Ethereum may now conduct transactions at reduced rates.
Struggle Continues
At the time of writing, ETH is trading at $1547, down 0.03% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 16.14%. Amid the bear dominance, the price has declined 5.61% in the last 7 days. The crypto market as a whole has been facing severe selling pressure.
If the price breaks below the recent low of $1524 then further decline all the way till $1430 is on the cards. Breaking this support level will likely result in price testing $1145 support area. On the other hand, if the bulls could drive the prices above $1590 level, then a short-term rally all the way till $1650 resistance area is likely.
