Will ETH Price Move High as Ethereum Turns Nine?

• Ethereum trades at $3.3K, down by 5.40% over the past week.
• ETH’s fear and greed index suggests greed sentiment in the market.

Ethereum (ETH), the second-largest cryptocurrency, resumes encountering a feud at the borderline post the launch of spot ETH ETFs. The asset is priced in red, dropping by 1.28% over the past 24 hours. This decline comes alongside Bitcoin’s fall of over 4% to $66.5K from $69K.

Ethereum celebrates its ninth anniversary in the blockchain industry. In an X post, Buterin wished and noted, “Looking forward to seeing what the next decade brings.” In the last nine years, the crypto coin’s price has grown from $13 to $3,319 as per CoinGecko data, displaying a more than 770,000 percent growth.

On this memorable day, an Ethereum whale ended its nine-year dormancy by transferring 1,111 ETH worth $3.7 million to a new wallet. Reportedly, this whale is recognized as an ETH ICO participant as per data.

Meanwhile, the nine U.S. spot Ethereum exchange-traded funds (ETF) saw a $98.29 million outflow extending their negative flow to the fourth day. The Grayscale Ethereum Trust, in particular, recorded major outflows among other ether ETFs on Monday, with $210 million in net outflows according to data from SosoValue.

On the other hand, the Ethereum network currently experienced a significant drop in gas fees, impacting transactions on the mainnet and layer-2s (L2s). The average gas fee has fallen to 4 Gwei, to $0.21, with some transactions costing 3 Gwei, around $0.14, according to Gasfees.io.

Will ETH Rebound Soon?

ETH continues its fall over the past week with a 5.40% plunge. Post the ETF launch, the asset recorded its weekly high and low prices at $3,396 and $3,257, respectively. At the press time, ETH traded at $3,341, with the market cap staying at $401 billion. Meanwhile, the daily trading volume has soared by 41.79%, noting $16.90 billion, as per CMC data.

Besides, the short-term 9-day (9MA) and 21-day (21MA) moving averages are noted below the current price action at $3,321 and $3,332, respectively. This suggests a brief bullish momentum in the daily frame. Meanwhile, the daily relative strength index (RSI) is found at 50.06, the neutral zone.

ETH Price Chart (Source: TradingView)

If ETH revival befalls, the key resistance can be at $3,526. An upside break might further send the price higher toward the $3.7K resistance zone. If Ethereum fails to climb above the initial resistance, the major support on the downside might be at $3,127. A potential downfall might push the price toward the $2.9K support zone.

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