ETH sees surge in positive sentiment as average network fees hit lowest point in 11 weeks
Positive investor sentiment has propelled the Ethereum (ETH) price forward, marking a notable uptick. ETH has seen a modest increase of 0.3% within the last 24 hours, currently trading at $3,080 as of the time of writing. The asset’s market capitalization stands firm at $370 billion. However, Ethereum’s daily trading volume has experienced a notable decline of 21%, reaching $17.1 billion.
Analyzing data from Santiment reveals that social media conversations surrounding Ethereum exhibit a robust 69.9% positive sentiment, contrasting sharply with only 20.2% of investors and traders anticipating a price downturn.
Market intelligence provided by Santiment further indicates a significant drop in average fees on the Ethereum network, plummeting by 70.6% since the local high of $6.93 on April 13, currently settling at $2.03, marking an 11-week low. This decrease in fees reflects a corresponding reduction in network activity amidst a climate of mixed sentiment.
Additionally, Ethereum’s total open interest (OI) has experienced its third consecutive daily decline, with Santiment reporting a decrease from $5.02 billion on April 14 to $4.83 billion at the time of reporting. This downward trend in ETH OI may imply reduced volatility for the token, as fewer liquidations are anticipated.
Conversely, the Ethereum Relative Strength Index (RSI) has ascended from 38 to 43 within the past 24 hours, as per Santiment’s data. This indicates that while ETH remains in a favorable position, it is gradually edging towards the overvalued territory. To sustain its bullish trajectory, Ethereum’s RSI would ideally need to remain below the 50 mark.
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