• 23 July, 2024
Market News

Ethereum Tests 7-Month High Amid ETH Fee Near $1,840; Is $2,000 Next!

As per Santiment, Ethereum price tested $1,840 last seen in August but the transaction fee does not follow the suits

Ethereum price remains subdued near $1,780 after testing seven-month high around $1,840. The first day of the trading week saw less volatility and the price trades in a very limited price zone. As of press time, ETH was last trading at $1,784, down 0.03% for the day.

Although the price of Ethereum has peaked near seven-month high, suggesting an increased investor’s interest. However, the network hasn’t seen an increase in transaction fees. This could mean a probable increase in Ethereum value.

According to Santiment, on March 19 the Ethereum fees fell to $1.75 as the price tested $1,846.72.  As in the above tweet, the network fees shows an increase to $8.12 on March 11 comparatively, right after the Ethereum price fell to $1,416.80. As per the analysis, this means that Ethereum has paved the way toward reaching $2,000.

Source: Trading view

On the daily chart, the Ethereum price facing upside barricaded near the short-term horizontal resistance line around $1,780. The formation of multiple doji candlesticks suggest investors are in a confused state of mind. Although the Ethereum price trades above the critical 200-day Exponential Moving Average (EMA), which indicates the ongoing upside momentum. 

The daily RSI (14) reads at 60. This is a bullish sign, any uptick in the indicator would mean the price would continue to ride higher.

On moving higher, Ethereum buyers will testify the psychological $2,000 mark.

On the other side, a fall below the session’s low of $1,743.0, it will invalidate the bullish theory.

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