Due to the craze for memes, Ethereum network costs have skyrocketed.Short positions controlled the ETH market, leading to a decline of 1
- Due to the craze for memes, Ethereum network costs have skyrocketed.
- Short positions controlled the ETH market, leading to a decline of 1.01%.
- The ADX rating indicates an increase in bearish sentiment in the ETH market.
The current enthusiasm for memecoin has led to higher gas costs for Ethereum networks, reaching a peak of 87gwei on May 2nd. This price increase is the result of excessive congestion caused by enthusiasm.
Although this craze may generate short-term revenue, it will increase user fees in the long run. The highly anticipated Ethereum Shanghai blockchain upgrade, referred to as "Shapella" by its loyal user base, has also increased the overall traffic of the system. The excitement surrounding the release has led to the recent increase in blockchain transactions.
Due to a slowdown in the market, the positive momentum failed to break through the 24-hour high of $1915.87. Due to this setback, bears took control of the ETH market, pushing prices down to an intraday low of $1868.63. At the time of writing, bears still controlled the ETH market, falling 1.01% to $1874.09.
During the decline, the market value and 24-hour trading volume of ETH decreased by 1.02% and 10.31%, respectively, to $225737554782 and $7264508366.
ETH/USD Technical Analysis
The Average Direction Index (ADX) rating is 19.36 and the southward trend indicates that the ETH market is becoming more bearish. This indicator evaluates the strength and direction of the trend, with values less than 25 indicating a weaker trend.
The downward direction of ADX indicates that the seller is under control, which may lead to a greater recent price decline.
The Relative strength index (RSI) of ETH is 46.79 and is below its signal line, indicating a bearish trend. This indicates that ETH is declining, and investors may need to consider selling their stocks or waiting for a better entry time.
Due to the surge in gas costs and bearish market control experienced by the Ethereum network, investors should consider their options and wait for better entry times.
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