Ethereum, the second-largest cryptocurrency, has been facing a slight decline in prices over the past week, currently trading at $3.3K, down by 5.40% from the previous week. The fear and greed index for ETH suggests a sentiment of greed in the market, indicating a bullish outlook for the asset. This decline in price comes as Bitcoin also experiences a fall of over 4% to $66.5K from $69K.
Ethereum recently celebrated its ninth anniversary in the blockchain industry, with its price growing from $13 to $3,319 over the last nine years, reflecting a more than 770,000 percent growth. On this occasion, an Ethereum whale ended its nine-year dormancy by transferring 1,111 ETH worth $3.7 million to a new wallet, indicating renewed activity in the market. However, U.S. spot Ethereum exchange-traded funds (ETF) saw a $98.29 million outflow, continuing their negative flow for the fourth consecutive day. The Grayscale Ethereum Trust recorded major outflows among other Ether ETFs, with $210 million in net outflows.
The Ethereum network has 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, around $0.21, with some transactions costing as low as 3 Gwei, approximately $0.14. Despite the current decline in prices, there is hope for a potential rebound in the near future. The asset is trading at $3,341, with a market cap of $401 billion and a daily trading volume of $16.90 billion.
The short-term 9-day (9MA) and 21-day (21MA) moving averages are below the current price action, indicating a brief bullish momentum in the daily frame. The daily relative strength index (RSI) is at 50.06, in the neutral zone, suggesting a possible shift in momentum. If ETH manages to rebound, the key resistance levels to watch out for are at $3,526, with a potential further increase towards the $3.7K resistance zone. On the downside, major support levels are at $3,127 and $2.9K, in case of a potential downfall in prices.
