Ethereum Consolidates Below $2,700 Resistance as Gas Usage Increases
Ethereum is currently consolidating below the $2,700 resistance level, struggling to secure a daily close above this threshold after multiple attempts. Key points include:
- Current trading price is $2,617.
- Ethereum's daily gas usage has been increasing since 2016, indicating sustained demand.
- This demand supports Ethereum’s role in decentralized finance, NFTs, and smart contracts.
- Strong support exists from moving averages, with immediate support at $2,550.
- A decisive close above $2,800 could lead to a rally towards $3,000–$3,200.
The market remains uncertain due to global tensions and rising US Treasury yields, impacting risk assets. However, Ethereum appears well-positioned for a potential breakout based on technical and on-chain data.
