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- Ethereum trades above $3K, with a spike of 2.76% in the last 24 hours.
- The daily RSI stays at 44, nearing the oversold zone.
Ethereum ($ETH), the largest altcoin, has had a slight revival above $3.1K with a spike of 2.76% in the last 24 hours. The highest weekly $ETH price was at $3,164, and the lowest was $3,117. This surge was alongside Bitcoin’s spike of over 2% to $58.3K, creating excitement in the market.
Notably, Ethereum bulls struggled to break the bear-hold. However, they managed to push the price above the $3.2K range, yesterday. At the time of writing, $ETH traded at $3,157. After a notable decline of 27.14%, the daily trading volume was $11.12 billion, according to CMC.
Meanwhile, CryptoQuant’s analysis reveals the gas fees for Ethereum ($ETH) have declined to a new low since May 2024. This highlights the trend of $ETH average gas fees [Gwei], suggesting its reduced network usage. Alongside, the $ETH community is highly anticipating the upcoming launch of spot Ethereum exchange-traded funds (ETFs) probably next week, which might influence the price action of $ETH.
Can the Bulls Continue Defeating the Bears?
Looking at the weekly time frame, $ETH is up by 5.22%, hitting a weekly high of $3,197 and the lowest of $2,832. Over the last month, Ethereum dropped from $3,622, nearly 9%.
Evaluating the 24-hour $ETH price chart, the daily relative strength index (RSI) at 44 indicates the asset is nearing oversold condition. The short-term 9-day moving average (9MA) at $3,129 is below the current price action, suggesting a bullish trend.
If $ETH bulls overpower the bears, the initial resistance can be at $3,432. Further, if the uptrend persists, it might test a higher resistance at the $3,784 range. If the asset couldn’t defeat the bears, it may drop to $2,887. The subsequent support may seemingly be found in the $2,720 range.