[Ethereum gas fees fall to three-month low, ETH price rebounds to $3,100]
Recently, Bitcoin and other major cryptocurrencies such as Ethereum and Solana have come under selling pressure due to rising geopolitical tensions, particularly the fallout from the Israel-Iran conflict. Nonetheless, the market soon welcomed buying orders, with Ethereum quickly rallying from a low of $2,877 to $3,100.
Furthermore, according to the latest data from Santiment, transaction costs on the Ethereum network have dropped significantly to $2.07, which is the lowest since March 4, when transaction fees were as high as $15.21. This decrease reflects the current pessimism in the cryptocurrency market, which typically sees transaction fees drop during market downturns and vice versa.
Additionally, Ethereum Layer 1 competitors like Solana have also experienced rapid growth amid DeFi activity and the recent meme coin craze, which has also had an impact on congestion on the Ethereum network, keeping gas fees low.
Ethereum is currently trying to break above the $3,100 resistance but is encountering difficulties. Although it briefly fell below $3,000 to sub-$2,900, it quickly rebounded to bottom at $2,867. Immediate resistance for Ethereum is currently located at $3,020, with next significant resistance at $3,070, where a key bearish trend line is formed with the 100 hourly simple moving average. A break above $3,120 could open the way up to $3,200.
