- Ethereum (ETH) dropped from $2,765 to $2,457, losing 3.46% over the week.
- Transaction fees have fallen to $1.63, possibly boosting network activity.
- Ethereum could rally to $3,200 if it breaks the $2,700 resistance level.
Ethereum (ETH) has hit a rough patch, slipping from $2,765 to a weekly low of $2,457. Over the past week, ETH has lost about 3.46%, with this downturn closely tied to Bitcoin’s recent decline from its $69,000 peak. Crypto markets have mirrored broader financial markets, with traders increasingly speculating that the prolonged bull rally may be winding down. As optimism fades, doubt begins to settle in across the market.
At the time of writing, Ethereum’s price stands at $2,526.63, with a 24-hour trading volume of $18.79 billion. ETH holds a market capitalization of $304.15 billion, making up 13.03% of the overall crypto market. In the last 24 hours, Ethereum’s price has dropped by 2.26%.
Lower Fees Drive Ethereum Transfer Surge
In a recent observation by Santiment, Ethereum’s average transaction fees have fallen to $1.63—a level historically known to encourage higher transaction volumes. As the network approaches its 10-year anniversary, fees have varied significantly.
Lower fees tend to spark increased transfer activity as traders take advantage of the more affordable cost of moving assets within the blockchain. This trend could signal renewed user engagement in the coming weeks.
While Ethereum faces these hurdles, the network’s affordability may offer a silver lining, potentially enticing traders to re-enter the market. As always, the relationship between fees and transfer frequency remains an important factor to watch.
Ethereum Eyes $3200 Target
From a technical perspective, ETH recently tested resistance but failed to break through, a typical occurrence in volatile markets. Despite this, the outlook remains cautiously optimistic, with the current range of $2,500-$2,550 still valid for bullish continuation.
If ETH manages to break above the $2,700 resistance, it could pave the way for a significant rally. The next target would then be in the $3,000-$3,200 range, which may also signal a favorable environment for altcoins to perform well.
Traders will be closely watching these levels as ETH navigates this critical phase, with hopes that a sustained push could reignite the broader crypto market’s momentum.
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