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Ethereum (ETH) price remains quiet on Monday extending the weekend’s low price action. However, Ether, the native coin of the Ethereum blockchain could get the benefit after the new lowest average transaction fee crossed the wire.
- Ethereum (ETH) price starts the fresh trading week on a muted note.
- Expect a 25% upside from the current levels if the support zone holds.
- The 24-hour trading volume reads at $10,041,124,241 down nearly 2%.
As per the latest report, the average transaction fee on the Ethereum network has dropped to the lowest level in four months. Last time, it was mid-September that the fee was this low, as average fees dropped roughly to $15.13 per transfer. Investors are looking at the increased scalability and lower transaction costs that could boost the prospects for the altcoin in the short term.
Ethereum at a crossroad on the daily chart
On the daily chart, after testing the highs of $3,284.75 on Thursday Ethereum (ETH) has found some interim support near $2,800. However, volumes have also declined in tandem with the downfall in the price. Thus, indicating investors declining interest in the liquidation. Rather look for optimistic opportunities near the reliable support zone.
Price has flipped near the crucial support zone of $2,800. Back in September ETH peaked in November and in August tested the highs of $4,030.35 on September 3. This makes the mentioned level a trusted demand zone for the pair.
If the price is able to sustain the session’s low then ETH bulls could immediately jump toward the $3,000k. Further, a decisive break above the 50-day Simple Moving Average (SMA) at $3,098.46 could pierce the bearish slopping line from the highs of $4,867.81.
EHT has been rejected near the mentioned bearish line multiple times, so it would be interesting to watch if that could happen this time.
On the other hand, a resurgence in the selling pressure will drag Eth to seek immediate support near the late January consolidated a range of $2,500.
Technical Indicators:
RSI: The Relative Strength Index (RSI) has given the bearish crossover and reads at 44.
MACD: The Moving Average Convergence Divergence (MACD) holds above midline with a neutral stance.
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