Ethereum (ETH) – the queen of the market – has been on a downtrend ever since the high of the bull run. While once Ethereum was trading hands at $4,000, now the queen of the market is barely above $2,000. At the time of writing, ETH coin stands at a price level of $2,055. The price of the crypto has moved up by 11% in the past twenty-four hours while in a weekly timeframe there has been a decline of $6. The daily trading volume of the cryptocurrency is also increasing.

Ethereum (ETH) Tchnical Analysis

The market sentiment for the cryptocurrency is bearish. Out of the total twenty-six technical indicators, ten are standing at a sell position and ten are at a neutral position while six are giving out a signal of buy. The oscillators are neutral while the moving averages are strongly bearish.

The bearish momentum of ETH crypto is believed to end soon. As the market crashed, the cryptocurrency appears to have cooled down and the bullish momentum will resume once again. A trader has identified to begin moving towards $3,000. Ethereum is currently operating in a safe supporting zone. The coin is expected to stabilize. Although there is a possibility of falling further, ETH is expected to stabilize and reverse its trend at the supporting zone.

Lowest gas fees on the Ethereum blockchain

As Ethereum was moving upwards, the gas fees at the blockchain skyrocketed. The transaction fee went as high as $70 on average and currently it is at $2.15 – the lowest in six months. The declining gas fees make transactions more efficient on the network but it is also indicative of a rapidly decreasing demand for Ethereum. The long-anticipated ETH2.0 upgrade may help revive demand for the cryptocurrency.