Ethereum

Bitcoin

April

Read

The Ethereum (<a href="https://crypto.news/price/ethereum/" rel="">ETH</a>) 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 <a href="https://crypto.news/glossary/volume-in-crypto-trading/" rel="">trading volume</a> plunged by 21%, dropping to $17.1 billion. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14266199"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Ethereum-ETH-12.04.33-17-Apr-2024-1024x347.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/04/Ethereum-ETH-12.04.33-17-Apr-2024-1024x347.png" alt="ETH positive sentiment rallies, average network fees reach 11-week low - 26"> 
 </picture> 
 <figcaption class="wp-element-caption">
 ETH price, open interest, average fees and RSI – April 17 | Souce: Santiment
 </figcaption>
</figure> 
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: <a href="https://crypto.news/u-s-senator-expresses-cbdc-concerns-supports-bitcoin/" rel=""> U.S. Senator expresses CBDC concerns, supports Bitcoin </a> 
Data from the market intelligence platform shows that the average fees on the <a href="https://crypto.news/ethereum-startup-aligned-layer-2-6-million-venture-capital/" rel="">Ethereum</a> 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.&nbsp; 
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: <a href="https://crypto.news/ton-reveals-memelandia-hub-for-meme-coin-developers/" rel=""> TON reveals Memelandia hub for meme coin developers </a>

ETH positive sentiment rallies, average network fees reach 11-week low

crypto.news

Other articles published on Apr 17, 2024

Bitcoin Withdrawals From Exchanges Hit Record High, What’s Next?

Web Telegram & Crypto Bots: What Are They & How To Create One

Vechain Ventures into AI Territory with SingularityNET Partnership

Google Maps Enhances EV Charging Station Search with AI Integration

This Cryptocurrency Value Skyrockets 500% Following its Recognition As the ‘Dogwifhat Killer’

Here’s how much you’d have investing in Gold, Silver, and Bitcoin when R. Kiyosaki said

Join our free newsletter for daily crypto updates!