Ethereum (ETH) targets crucial price as fees reach new lows ETH $ETH
The average transaction fee, or gas fee, on the Ethereum network, has cooled significantly after spiking over 57% in the first week of July, owing to VMPX, a newly launched cryptocurrency that operates as an ERC-20 and BRC-20 token.reported that Ethereum fees spiked by over 50% in the past week, with a new, suspicious token, VMPX, making up 18% of the gas consumption. Data shared by IntoTheBlock showed that the second largest cryptocurrency saw total fees of $47 million within the said period.
According to CoinShares, Ethereum received inflows of $2.9 million for the previous week, slightly benefiting from an uptick in investor mood. The RSI is close to midway, and both moving averages have flattened down, indicating that supply and demand are in balance. Ethereum may retest the resistance area of $1,976 if buyers push the price above $1,905 before moving toward the $2,000 level.
On the other hand, if the price drops below the daily MA 50 at $1,842, the bears will attempt to push it down to the daily MA 200 at $1,718, which might forestall the declines.
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