- Ethereum trades at $3.3K, down by 5.40% over the past week.
- ETH’s fear and greed index suggests greed sentiment in the market.
Ethereum (ETH), the second-largest cryptocurrency, resumes encountering a feud at the borderline post the launch of spot ETH ETFs. The asset is priced in red, dropping by 1.28% over the past 24 hours. This decline comes alongside Bitcoin’s fall of over 4% to $66.5K from $69K.
Ethereum celebrates its ninth anniversary in the blockchain industry. In an X post, Buterin wished and noted, “Looking forward to seeing what the next decade brings.” In the last nine years, the crypto coin’s price has grown from $13 to $3,319 as per CoinGecko data, displaying a more than 770,000 percent growth.
On this memorable day, an Ethereum whale ended its nine-year dormancy by transferring 1,111 ETH worth $3.7 million to a new wallet. Reportedly, this whale is recognized as an ETH ICO participant as per data.
Meanwhile, the nine U.S. spot Ethereum exchange-traded funds (ETF) saw a $98.29 million outflow extending their negative flow to the fourth day. The Grayscale Ethereum Trust, in particular, recorded major outflows among other ether ETFs on Monday, with $210 million in net outflows according to data from SosoValue.
On the other hand, the Ethereum network currently experienced a significant drop in gas fees, impacting transactions on the mainnet and layer-2s (L2s). The average gas fee has fallen to 4 Gwei, to $0.21, with some transactions costing 3 Gwei, around $0.14, according to Gasfees.io.
Will ETH Rebound Soon?
ETH continues its fall over the past week with a 5.40% plunge. Post the ETF launch, the asset recorded its weekly high and low prices at $3,396 and $3,257, respectively. At the press time, ETH traded at $3,341, with the market cap staying at $401 billion. Meanwhile, the daily trading volume has soared by 41.79%, noting $16.90 billion, as per CMC data.
Besides, the short-term 9-day (9MA) and 21-day (21MA) moving averages are noted below the current price action at $3,321 and $3,332, respectively. This suggests a brief bullish momentum in the daily frame. Meanwhile, the daily relative strength index (RSI) is found at 50.06, the neutral zone.
If ETH revival befalls, the key resistance can be at $3,526. An upside break might further send the price higher toward the $3.7K resistance zone. If Ethereum fails to climb above the initial resistance, the major support on the downside might be at $3,127. A potential downfall might push the price toward the $2.9K support zone.
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