Ethereum Mainnet Monthly Transactions Hit Record High as Fees Drop to New Low
- Record Transaction Volume: Ethereum's mainnet monthly transaction count has reached an all-time high, indicating a significant increase in user demand for block space, which is distinct from previous peaks associated with DeFi or NFT activity, showcasing the network's diverse and stable usage.
- Impact of Falling Fees: The average transaction fees have dropped to a new low, reducing the barrier for users to transact, making smaller transfers and routine wallet operations economically viable, thereby attracting a broader user base and driving overall transaction volume growth.
- Diverse On-Chain Activities: Various on-chain activities, including DeFi protocols, stablecoin transfers, and regular wallet operations, have collectively contributed to the rise in transaction counts, indicating that the Ethereum mainnet remains a crucial execution layer despite the growth of Layer 2 networks.
- Importance of Market Monitoring: With the increase in transaction volume and decrease in fees, market watchers should monitor follow-on metrics such as active address counts and total value locked in DeFi to confirm whether this trend is sustainable, thus assessing if Ethereum's scaling roadmap is delivering tangible results.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 2 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1703.494 | 1856.397 | 1994.484 | 2147.387 | 2285.474 | 2438.377 | 2576.464 |
| Fibonacci | 1856.397 | 1967.555 | 2036.229 | 2147.387 | 2258.545 | 2327.219 | 2438.377 |
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