On April 5th, the cryptocurrency market showed a sign of recovery after Bitcoin and Ethereum gained $46,000 and $3,500 levels respectively. But the crypto market couldn’t keep up the pace as today the global cryptocurrency market has dropped by 3.22% in the last 24hrs positioning it at $2.10 trillion.
This global cryptocurrency market’s downfall in the aftermath of the world’s largest cryptocurrency, Bitcoin dropped below $45,500 along with Ethereum Price retracing below $3,500 pulling other major cryptocurrencies.
At the press time, Bitcoin is trading at $45,376 with a plunge of 2.90% over the last 24hrs and Ethereum is changing hands at $3,367 with a drop of 4.37% in the last 24hrs.
Ethereum Fees Drops 90% Since Nov 2021!
The crypto space is eyeing June 2022 as Ethereum 2.0 is set to be introduced and also the developments around Ethereum 2.0 are being watched. One of the important developments is the drop in Ethereum fees.
As per Santiment, on-chain data reveals that the Ethereum fee has seen a downfall of 90% over the last 6 months inculcating a positive hope among traders. Additionally, it shows that the drop in the fee might have fueled the price.
The data provider, Santiment also states that Ethereum is showing a greater correlation to S&P 500 over Bitcoin
Ethereum Yearly Revenue Surge At $13.3 Billion
According to Token Terminal (TT), a crypto data aggregator, Ethereum Blockchain has approximately $13.3 billion in transaction fees generated over the last 365 days. Also, Ethereum’s fee revenue is about to witness more dramatic changes due to more ETH adoption in the coming days.
As Ethereum and Bitcoin are gaining traction and showing positive developments, analysts like ARK Invest and Bloomberg believe Ethereum to be a settlement layer of global finance, while Bitcoin is the facto store of value assets.
Correction or Rally? What’s Next For ETH Price
Ethereum initiated a fresh decline from the $3,530 level. ETH price hit the $3,260 level and is currently correcting higher. However, there was a recovery wave above the $3,300 level.
At present, the ETH/USDT is facing resistance at$3,400 level. On a successful breakout, the next major resistance is near the $3,420 level. If major altcoin fails to hold above the $3,420 level, it could start a fresh decline. Initial support on the downside is near $3,300.
As per Crypto analyst Michael Van de Poppe, in terms of correction, ETH has a buy zone at around the $3,100 level.