Ethereum

<ul>
 <li>Ethereum trades at $3.3K, down by 5.40% over the past week.</li>
 <li>ETH’s fear and greed index suggests greed sentiment in the market.</li>
</ul>
Ethereum (ETH), the second-largest cryptocurrency, resumes encountering a feud at the borderline post the launch of spot ETH ETFs. The asset is priced in red, dropping by 1.28% over the past 24 hours. This decline comes alongside Bitcoin’s fall of over 4% to $66.5K from $69K.&nbsp;
Ethereum celebrates its ninth anniversary in the blockchain industry. In an X post, Buterin wished and noted, “Looking forward to seeing what the next decade brings.” In the last nine years, the crypto coin’s price has grown from $13 to $3,319 as per CoinGecko <a href="https://x.com/coingecko/status/1818180716758446568" target="_blank" rel="noopener noreferrer nofollow">data</a>, displaying a more than 770,000 percent growth.&nbsp;
On this memorable day, an Ethereum whale ended its nine-year dormancy by transferring 1,111 ETH worth $3.7 million to a new wallet. Reportedly, this whale is recognized as an ETH ICO participant as per <a href="https://x.com/lookonchain/status/1818225590207398134" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
Meanwhile, the nine U.S. spot Ethereum exchange-traded funds (ETF) saw a $98.29 million outflow extending their negative flow to the fourth day. The <a href="https://thenewscrypto.com/grayscale-moves-486m-eth-amid-ethereum-etf-setback/" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a> Ethereum Trust, in particular, recorded major outflows among other ether ETFs on Monday, with $210 million in net outflows according to <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="noopener noreferrer nofollow">data</a> from SosoValue.&nbsp;
On the other hand, the <a href="https://thenewscrypto.com/is-ethereums-research-team-embracing-centralization/" target="_blank" rel="noopener noreferrer nofollow">Ethereum network</a> currently 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, to $0.21, with some transactions costing 3 Gwei, around $0.14, according to <a href="http://gasfees.io" target="_blank" rel="noopener noreferrer nofollow">Gasfees.io.</a>
<h3 class="wp-block-heading" id="h-will-eth-rebound-soon">Will ETH Rebound Soon?</h3>
ETH continues its fall over the past week with a 5.40% plunge. Post the ETF launch, the asset recorded its weekly high and low prices at $3,396 and $3,257, respectively. At the press time, ETH traded at $3,341, with the market cap staying at $401 billion. Meanwhile, the daily trading volume has soared by 41.79%, noting $16.90 billion, as per CMC data.&nbsp;
Besides, the short-term 9-day (9MA) and 21-day (21MA) moving averages are noted below the current price action at $3,321 and $3,332, respectively. This suggests a brief bullish momentum in the daily frame. Meanwhile, the daily relative strength index (RSI) is found at 50.06, the neutral zone.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfmeM63dW7Co_dxuxjU7rcA7aYsPVE85VPAHu_aqzzrkihvI1kqziqxKK8TxA_vT3zRTvoMW5C9CGQExPfb8DIRuiG46cfAjKusJE7O1T56k0GdUiVA3XiN1PoWzKsaTOjbpvtirosdN1fyW8HFy310iOU?key=W5MKeQPJMxqcaFQalDQBbA" alt="">
 <figcaption class="wp-element-caption">ETH Price Chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
If ETH revival befalls, the key resistance can be at $3,526. An upside break might further send the price higher toward the $3.7K resistance zone. If Ethereum fails to climb above the initial resistance, the major support on the downside might be at $3,127. A potential downfall might push the price toward the $2.9K support zone.&nbsp;
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Will ETH Price Move High as Ethereum Turns Nine?

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