Ethereum tries to bounce back – In May, the bitcoin price closed in the red and posted a drop of almost 7%. In parallel, the ethereum price closed the month in the green for the fifth time in a row. Ethereum seems stronger than Bitcoin currently. If Bitcoin does not act up, ETH could take the opportunity to start rising again.
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Ethereum price climbs 2% in 24 hours
Ethereum regains colors and climbs 2% in 24 hours. In one week the ethereum price displays a increase of nearly 5% :
Despite the recent fall, the price is in increase of more than 20% in three monthsand over 50% in six months. As explained above, ETH has been stronger than BTC for a few weeks. Indeed, the ETH/BTC pair is in 2% increase in one weekand nearly 7% in one month.
ETH generates a lot of transaction fees
Despite the update The Merge allowing the transition from Proof of Work to Proof of Stake, and the update shappella, transaction fees remain an issue for users. However, this does not seem not affect the attractiveness of ETH :
Source: Token Terminal
According to data from Token Terminal, the Ethereum network has generated about 2 billion fees for a year. Ethereum is tracked by Uniswap which generates 587 million fees. Ethereum therefore generates almost four times the cost. This figure seems all the more important as the cryptocurrency sector is going through a period of bear market since the end of 2021. Despite the significant fees, Internet users continue to use the Ethereum network.
Ethereum price bounces off support at $1,850
Ethereum recently stalled at the resistance at $1,930. Buyers seem to defend the bracket at $1,850 :
The price must rebound and break the level of resistance at $1,930. For this, the price must close above the last high at $1,930. If this scenario plays out, the price could join the next resistance located at $2,000. On the other hand, if the support gives way, the price could fall towards the next bracket at $1,770. RSI blocked against resistance in overbought zone around 75. It could reject the RSI again in the coming days.
Ethereum generates nearly two billion in transaction fees for a year, and this during the bear market. This shows that operators are ready to use the Ethereum network even with fees considered high. For its part, the price rebounds at the level of the 4H support at $1,850. Reigniting the bullish momentum will require closing above the resistance at $1,930.
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