Ethereum

bullish

<ul>
 <li><strong>Ethereum faces a 26% monthly decline, raising recovery concerns.</strong></li>
 <li><strong>Gas fees hit a five-year low, signaling a potential price bottom.</strong></li>
</ul>
<p>Ethereum has had a tough month, witnessing a 26% decline over the past 30 days, with its price dipping below the $2,111 range. Currently, the second-largest cryptocurrency is trading at $2,579, reflecting a 3% decline, and its trading volume is down by 2%. Despite this downturn, whale activity and network movements have gained momentum.</p>
<p>A significant shift is occurring within the Ethereum ecosystem as gas fees plummet to their lowest levels in years. Industry experts suggest that the dramatic reduction in transaction costs could signal a potential price bottom for <a href="https://thenewscrypto.com/ethereum-eth-supply-in-profit-drops-to-lowest-since-november-2023/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>, despite concerns over reduced token burning and increased supply.</p>
<p>Gas fees on the Ethereum network have recently hit a five-year low, with some transactions costing less than 1 gwei (approximately $0.04). This sharp contrast to historically high fees has sparked discussions about Ethereum’s future. The fee reduction is attributed to several factors, including a sluggish market, increased adoption of layer-2 solutions, and recent network upgrades such as <a href="https://thenewscrypto.com/ethereum-supply-faces-inflationary-phase-due-to-dencun-upgrade/" target="_blank" rel="noopener noreferrer nofollow">Dencun</a>.</p>
<p>In the midst of this, an Ethereum whale has continued its profit-booking spree as ETH prices briefly rose above $2,600. Hours ago, the “<a href="https://x.com/spotonchain/status/1826067208491159858" rel="noopener noreferrer nofollow">diamond</a><a href="https://x.com/spotonchain/status/1826067208491159858" target="_blank" rel="noopener noreferrer nofollow"> </a><a href="https://x.com/spotonchain/status/1826067208491159858" rel="noopener noreferrer nofollow">hand</a>” whale sold another 15,000 ETH, raking in a profit of $40 million. The daily Relative Strength Index (<a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noopener noreferrer nofollow">RSI</a>) stands at 39, indicating increasing selling pressure.</p>
<h3 class="wp-block-heading" id="h-can-eth-bounce-back">Can ETH Bounce Back?</h3>
<p>The outlook for Ethereum remains uncertain. The daily chart shows Ethereum entrenched in a bearish trend, with the 9-day Exponential Moving Average at $2,611.&nbsp;</p>
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 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfcasReaRWvSGj5V4ulKyvEcwk-iwxJx6QAQ3xzEwPWTJKexiMthM0frtQItk6SrqeDJlYxVB56ZfBbILRLEMcI00XatmoyyYNmLwTNtPsRF8ylRDwO-PpyFRkIRmeZ2oc4KvJXSq7ZcdrCfGdklaiAXGo?key=pkn1rhSTUTzPdEhH2q-IDA" alt="">
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<p>If bullish momentum returns, the next resistance levels are $2,879 and $3,019. However, continued bearish sentiment could see the price drop to $2,477, with potential support at $2,196.</p>
<p>As Ethereum navigates this challenging period, the market is closely watching for signs of recovery. Whether it can bounce back depends on upcoming market dynamics and potential shifts in investor sentiment.</p>

Can Ethereum Bounce Back After a 26% Price Dip?

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