crypto.news
The Ethereum ($ETH) price has gained momentum as positive investor sentiment recorded an impressive surge.
$ETH is up by 0.3% in the past 24 hours and is trading at $3,080 at the time of writing. The asset’s market cap is currently standing at the $370 billion mark. However, Ethereum’s daily trading volume plunged by 21%, dropping to $17.1 billion.
$ETH positive sentiment rallies, average network fees reach 11-week low - 1"> According to data provided by Santiment, 69.9% of the conversations around Ethereum on social media platforms show positive sentiment while only 20.2% of the investors and traders are betting on a price downturn.
You might also like: U.S. Senator expresses CBDC concerns, supports Bitcoin
Data from the market intelligence platform shows that the average fees on the Ethereum network plunged by 70.6% since April 13’s local high of $6.93 — currently sitting at $2.03, marking its 11-week low.
The declining fees show that the network activity on Ethereum has also dropped significantly as the market weathers mixed sentiment.
Moreover, the $ETH total open interest (OI) has recorded its third daily consecutive decline. Per Santiment, the asset’s total OI fell from $5.02 billion on April 14 to $4.83 billion at the reporting time.
The downward momentum of the $ETH OI could potentially mean lower volatility for the token since a smaller volume of liquidations would be expected.
On the other hand, the $ETH Relative Strength Index (RSI) rose from 38 to 43 over the past 24 hours, according to Santiment.
The indicator shows that the $ETH price is still in good condition while slowly moving toward the overvalued zone. For $ETH to remain in the bullish zone, its RSI would need to stay below the 50 mark.
Read more: TON reveals Memelandia hub for meme coin developers