ETH Steadied Above $3200, Another Surge Can Be Expected

ETH Steadied Above $3200, Another Surge Can Be Expected

ETH steadied above $3200 and it is holding the key $3120 support zone against the US dollar with the price consolidating to clear a higher resistance level of $3500 as we see more in our latest Ethereum news.

Ethereum is holding the ground above $3120 support levels and the price is still well below the $3600 level and the 100 hourly simple moving average. There was a key break above the key bearish trend line with the resistance close to the $3380 on the hourly chart of ETH/USD with the pair likely forming a double bottom pattern near the $3125 zone. Ethereum extended its drop below $3500 but remained steady above $3120 zone with the coin making two attempts to clear the $3120 and the $3100 support levels but the bears failed.

ethusd
Source ETHUSD on TradingView.com

It seems that the price is forming a double bottom pattern close to the $3125 zone similar to BTC with the recent low being near $3127 before the prices started a decent recovery. It managed to break the $3300 resistance and then climbed above the 23.6% fib retracement level from the recent drop from the $3885 high to $3127 low. If the bottom pattern is valid, the price will surge above $3500. The next stop for the bulls could be $3600 or the 100 hourly simple moving average where the bears could take a stand. If ETH fails to continue higher above the $3450 and the $3500 resistance levels, it could start a new decline and the initial support on the downside is close to the $3350 level and the broken trend line.

The first key support is close to the $3300 level, the main support is forming near the $3125 level with the downside break below the $3125 zone. ETH steadied above $3200 and the price could now decline towards $3000 support with the hourly MACD for the pair slowly moving into the bullish zone.

total transaction fees
Ethereum total transaction fees per day in USD. Source Coin Metrics

As recently reported, The transaction revenue in dollars is a product of transaction fees and ETH prices. The revenue is high because of the high demand for the network and record ETH prices and the revenue model will now also be shifted in a few months with EIP-1559 and ETH 2.0. The total ethereum transaction fees have never been quite as high thanks to the combination of network use and the high ETH prices. The transaction fees are on track to break the record as the Ethereum network revenue could now breach the $722 million peak according to the statistics.

 

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