According to the blockchain intelligence platform Santiment, network fees for Ethereum (ETH) have dropped to their lowest levels for 2023, falling to just $1.15 per transaction. In the post, Santiment shared that historical drops in Ethereum’s network fees have led to increased utility, which subsequently resulted in the leading altcoin’s market cap rising.
🤑 #Ethereum network fees have dropped down to its lowest level of 2023, at just $1.15 per transaction. Historically, we see utility begin rising as $ETH becomes more affordable to circulate. Increased utility can then lead to recovering market cap levels. https://t.co/MpOLfMYKUp pic.twitter.com/JI8ZLhmb4p— Santiment (@santimentfeed) September 23, 2023
Meanwhile, CoinMarketCap indicated that ETH recorded a 24-hour gain of 0.20%. As a result of the latest increase, the altcoin was changing hands at $1,594.40 at press time. The positive daily performance was, however, not enough to overcome ETH’s decline over the past 7 days. Consequently, ETH was still down 2.58% on the weekly timeframe.
From a technical standpoint, ETH’s price dropped below the $1,580 support level during the past 72 hours. Bulls had identified the drop below this level as a buy opportunity, causing the cryptocurrency’s price to reclaim a position above the significant price point. This also led to ETH printing a second higher low and the formation of a positive trend line.
If this positive trend continues, then ETH’s price may attempt a challenge at the $1,690 barrier in the upcoming week. A daily candle close above this mark may then establish the foundation needed for the altcoin’s price to climb to $1,775 if buyers continue to provide support to the cryptocurrency.
On the other hand, if ETH’s price closes a daily candle below $1,580, it may be at risk of falling to the immediate support level at $1,480 in the following few days. Investors and traders will want to note that technical indicators on ETH’s daily chart suggested that a bearish outlook was more favorable.
Firstly, the 9-day EMA line was positioned below the 20-day EMA line. This indicated that ETH was in a medium-term trend. In addition to this, the daily MACD line was closing in on the daily MACD Signal line. If these two technical indicators cross, it will suggest a continuation of ETH’s bearish trend.
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