Ethereum

Bitcoin

<ul>
 <li>Ethereum trades above $3K, with a spike of 2.76% in the last 24 hours.</li>
 <li>The daily RSI stays at 44, nearing the oversold zone.</li>
</ul>
Ethereum (ETH), the largest altcoin, has had a slight revival above $3.1K with a spike of 2.76% in the last 24 hours. The highest weekly ETH price was&nbsp; at $3,164, and the lowest was $3,117. This surge was alongside Bitcoin’s spike of over 2% to $58.3K, creating excitement in the market.&nbsp;
Notably, Ethereum bulls struggled to break the bear-hold. However, they managed to push the price above the $3.2K range, yesterday. At the time of writing, ETH traded at $3,157. After a notable decline of 27.14%, the daily trading volume was $11.12 billion, according to <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">CMC</a>.&nbsp;
Meanwhile, CryptoQuant’s <a href="https://x.com/cryptoquant_com/status/1811697440480690223" target="_blank" rel="noopener noreferrer nofollow">analysis</a> reveals the gas fees for Ethereum (ETH) have declined to a new low since May 2024. This highlights the trend of ETH average <a href="https://thenewscrypto.com/ethereum-gas-fees-drop-to-6-month-low-altcoin-rally-predicted-by-analyst/" target="_blank" rel="noopener noreferrer nofollow">gas fees</a> [Gwei], suggesting its reduced network usage. Alongside, the ETH community is highly anticipating the upcoming launch of spot Ethereum exchange-traded funds (<a href="https://thenewscrypto.com/vaneck-and-21shares-update-s-1-filings-for-spot-ethereum-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">ETF</a>s) probably next week, which might influence the price action of ETH.&nbsp;
<h3 class="wp-block-heading" id="h-can-the-bulls-continue-defeating-the-bears">Can the Bulls Continue Defeating the Bears?</h3>
Looking at the weekly time frame, ETH is up by 5.22%, hitting a weekly high of $3,197 and the lowest of $2,832. Over the last month, Ethereum dropped from $3,622, nearly 9%.&nbsp;
Evaluating the 24-hour ETH price chart, the daily relative strength index (RSI) at 44 indicates the asset is nearing oversold condition. The short-term 9-day moving average (9MA) at $3,129 is below the current price action, suggesting a bullish trend.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdrOTV_1UpbXtVQif8C6gOEbYY9JjycPIxyraAbay4oxDi3_kN7I0el-C9Disd65KqgW5vLdlVnV8nX3pZAjFXeIOudJ6xh4gKPB-9R3Ptwl_qIPq17RSHoqb30haHKdidrBF-TyfZzxIxN4K52vPDycJXB?key=c6UkmRgWkQKFGK2qz9IHQw" 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 bulls overpower&nbsp; the bears, the initial resistance can be at $3,432. Further, if the uptrend persists, it might test a higher resistance at the $3,784 range. If the asset couldn’t defeat the bears, it may drop to $2,887. The subsequent support may seemingly be found in the $2,720 range.&nbsp;
Highlighted Crypto News
<a href="https://thenewscrypto.com/us-bitcoin-etfs-see-net-inflow-of-310m-amid-market-recovery/" target="_blank" rel="noopener noreferrer nofollow">US Bitcoin ETFs See Net Inflow of $310M Amid Market Recovery</a>

Is Ethereum (ETH) Price Inclined to Go High?

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