Ethereum Struggles to Maintain Support Levels Despite Low Transaction Fees

Ethereum (ETH) has faced a decrease in value this week, currently trading around $1,552. The cryptocurrency dropped to $1,548 on Wednesday after briefly reaching a high of $1,584. Nonetheless, bullish traders are working to keep the price close to the $1,600 threshold, suggesting the possibility of a short-term upward trend.

The crucial support levels for ETH are being tested at $1,550 and $1,500. Should these levels be broken, the price could drop to $1,375. Conversely, the main resistance level is identified at $1,750, with a notable target set at $1,975.

These fluctuations come amidst significantly low transaction fees on the Ethereum network since late 2022, following the introduction of Ethereum’s futures ETFs, which have not emulated the success of Bitcoin ETFs.

Additional factors influencing ETH’s price include the potential approval of an ETF by the SEC and the general market sentiment. Despite a 24-hour decline of 1.50%, a monthly decrease of 0.79%, and an 11% drop in daily trading volume, the determination of bullish traders indicates they may sustain the price near the $1,600 level.

This article was generated with the support of AI and reviewed by an editor.