Is Ethereum (ETH) Price Inclined to Go High?

• Ethereum trades above $3K, with a spike of 2.76% in the last 24 hours.
• The daily RSI stays at 44, nearing the oversold zone.

Ethereum (ETH), the largest altcoin, has had a slight revival above $3.1K with a spike of 2.76% in the last 24 hours. The highest weekly ETH price was at $3,164, and the lowest was $3,117. This surge was alongside Bitcoin’s spike of over 2% to $58.3K, creating excitement in the market.

Notably, Ethereum bulls struggled to break the bear-hold. However, they managed to push the price above the $3.2K range, yesterday. At the time of writing, ETH traded at $3,157. After a notable decline of 27.14%, the daily trading volume was $11.12 billion, according to CMC.

Meanwhile, CryptoQuant’s analysis reveals the gas fees for Ethereum (ETH) have declined to a new low since May 2024. This highlights the trend of ETH average gas fees [Gwei], suggesting its reduced network usage. Alongside, the ETH community is highly anticipating the upcoming launch of spot Ethereum exchange-traded funds (ETFs) probably next week, which might influence the price action of ETH.

Can the Bulls Continue Defeating the Bears?

Looking at the weekly time frame, ETH is up by 5.22%, hitting a weekly high of $3,197 and the lowest of $2,832. Over the last month, Ethereum dropped from $3,622, nearly 9%.

Evaluating the 24-hour ETH price chart, the daily relative strength index (RSI) at 44 indicates the asset is nearing oversold condition. The short-term 9-day moving average (9MA) at $3,129 is below the current price action, suggesting a bullish trend.

ETH Price Chart (Source: TradingView)

If ETH bulls overpower the bears, the initial resistance can be at $3,432. Further, if the uptrend persists, it might test a higher resistance at the $3,784 range. If the asset couldn’t defeat the bears, it may drop to $2,887. The subsequent support may seemingly be found in the $2,720 range.

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