ETH positive sentiment rallies, average network fees reach 11-week low

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The Ethereum (ETH) value has gained momentum as optimistic investor sentiment recorded a formidable surge.

ETH is up by 0.3% prior to now 24 hours and is buying and selling at $3,080 on the time of writing. The asset’s market cap is at the moment standing on the $370 billion mark. Nevertheless, Ethereum’s every day trading volume plunged by 21%, dropping to $17.1 billion.

ETH positive sentiment rallies, average network fees reach 11-week low - 1
ETH value, open curiosity, common charges and RSI – April 17 | Souce: Santiment

In keeping with information offered by Santiment, 69.9% of the conversations round Ethereum on social media platforms present optimistic sentiment whereas solely 20.2% of the traders and merchants are betting on a value downturn.

Knowledge from the market intelligence platform reveals that the typical charges on the Ethereum community plunged by 70.6% since April 13’s native excessive of $6.93 — at the moment sitting at $2.03, marking its 11-week low.

The declining charges present that the community exercise on Ethereum has additionally dropped considerably because the market weathers blended sentiment.

Furthermore, the ETH complete open curiosity (OI) has recorded its third every day consecutive decline. Per Santiment, the asset’s complete OI fell from $5.02 billion on April 14 to $4.83 billion on the reporting time.

The downward momentum of the ETH OI might probably imply decrease volatility for the token since a smaller quantity of liquidations could be anticipated.

Alternatively, the ETH Relative Energy Index (RSI) rose from 38 to 43 over the previous 24 hours, in keeping with Santiment. 

The indicator reveals that the ETH value remains to be in good situation whereas slowly transferring towards the overvalued zone. For ETH to stay within the bullish zone, its RSI would want to remain beneath the 50 mark.

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