The downward trends continue for Ethereum (ETH) along with other altcoins in the market. ETH, the top altcoin in terms of market cap, has faced a 19% decrease in price over the last 30 days.
On April 12, ETH fell below the $3,500 mark, marking the beginning of a significant decline. Eventually, it hit a low of $2,815 on May 1, confirming the bearish trend.
Currently, the price of ETH stands at $2,979.53 with a slight decrease in the last 24 hours. The daily trading volume has also dropped by 4.97% to $11.21 billion while the market cap remains at $357 billion. Notably, there was a large withdrawal of ETH from Binance within the recent 12 hours.
Investor sentiment towards ETH has shifted from greed to neutral, as shown by the fear & greed index reaching 47.
The daily price chart displays a bearish trend with the 50-day simple moving average surpassing ETH's price. The RSI is at 41, indicating a neutral zone. A potential reversal in the trend could see ETH surpass the $3,125 resistance level, but otherwise, it might decline to $2,928.
Additionally, data shows that the amount of ETH issued is higher than the burned ETH, signaling a decrease in user engagement. Gas fees on the network average at 40.9 gwei.
Vitalik Buterin, the co-founder of Ethereum, recently introduced EIP-7702, a proposal focused on enhancing network sustainability. Community members are closely monitoring these developments, along with the potential approval of Ethereum ETFs in the US.
It is essential for investors to stay informed about these updates and proposals to make informed decisions.
