ethereum (eth) price has gained momentum as positive investor sentiment recorded an impressive rise.
eth is up 0.3% in the last 24 hours and is trading at $3,080 at the time of writing. The market capitalization of the asset currently stands at the $370 billion mark. However, ethereum's daily trading volume plummeted by 21%, falling to $17.1 billion.
<img decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/04/ethereum–eth-12.04.33-17-Apr-2024-1024×347.png” alt=”Positive eth sentiment rises, average network fees hit 11-week low – 1″/>
According to data provided by Santiment, 69.9% of conversations about ethereum on social media platforms show positive sentiment, while only 20.2% of investors and traders are betting on a price drop.
Data from the market intelligence platform shows that average fees on the ethereum network plummeted 70.6% from the April 13 local high of $6.93, currently sitting at $2.03, marking its minimum of 11 weeks.
The decline in fees shows that network activity on ethereum has also decreased significantly as the market endures mixed feelings.
Furthermore, eth's total open interest (OI) has recorded its third consecutive daily decline. According to Santiment, the asset's total OI fell from $5.02 billion on April 14 to $4.83 billion at the time of the report.
eth OI's downward momentum could potentially mean lower volatility for the token as lower liquidation volume would be expected.
On the other hand, eth's Relative Strength Index (RSI) rose from 38 to 43 in the last 24 hours, according to Santiment.
The indicator shows that the eth price is still in good condition as it slowly moves towards the overvalued zone. For eth to remain in the bullish zone, its RSI should remain below the 50 mark.
