Ethereum Price Failed to Reverse Bearish Dominance.
Under bear dominance, the price has decreased by 5.61% in the last 7 days.
If the price declines below the recent low at $1524, it is likely to test the $1430 level.
Blockchain data research firm IntoTheBlock says the Ethereum network has entered a new era of lower transaction fees, once again testing the deflationary outlook for ETH. The research reveals that transaction fees on the Ethereum Blockchain have fallen by nearly 90% from their all-time high in May of this year to their lowest rate since April 2020.
Layer 2 solutions created to expand and improve Ethereum's scalability also stand out in the research for their role in reducing transaction costs. As a result of this advancement, Ethereum users will now be able to transact at lower rates.
At the time of writing, ETH is trading at $1547, down 0.03% in the last 24 hours, according to CMC data. Additionally, transaction volume decreased by 16.14%. Under bear dominance, the price has decreased by 5.61% in the last 7 days. The crypto market as a whole is facing serious selling pressure.
If the price declines below the recent low of $1524, there could be a further decline to $1430. A break of this support level will likely cause the price to test the $1145 support area. On the other hand, if the bulls can push the prices above the $1590 level, a short-term rise to the $1650 resistance area is likely.
