The analytics platform Kaiko announced on X that one of Binance’s hot wallets briefly took the lead as the highest consumer of gas on the Ethereum (ETH) network. Binance attributed this surge in gas consumption to its efforts to consolidate ETH balances.
🚨One of #Binance’s hot wallets briefly became the top gas guzzler on #Ethereum as the exchange said it was consolidating ETH balances. pic.twitter.com/FqcR2nLpd4
— Kaiko (@KaikoData) September 25, 2023
On Sep. 23, the market intelligence platform Santiment shared a post on X that the Ethereum network’s fees have dropped to their lowest levels in 2023, at just $1.15 per transaction. This reduction in gas fees may lead to increased utility levels, subsequently resulting in an increase in the market cap for ETH.
ETH was trading at $1,588.11 at the time of writing, which reflected a modest 0.62% price increase within the past day of trading. This put ETH in close proximity to its 24 hour high of $1,595.84. However, the intraday trading volume for ETH saw a contrasting trend after it experienced a more than 7% decline. This left its trading volume standing at $3,705,624,372.
Despite the 24-hour gain, ETH’s price did end up slipping by more than 2% over the past seven days. Additionally, the leading altcoin suffered losses of 3.69% over the past month of trading as well.
Daily chart for ETH/USDT (Source: TradingView)
At press time, ETH was resting on the crucial support level of $1,580. If it breaks below this significant price point, then it may continue to drop to the subsequent mark at $1,480 in the following few days. Conversely, ETH maintaining a position above $1,580 for the next 48 hours may lead to the altcoin leader’s price climbing towards the $1,690 resistance.
Investors and traders will want to take note of the fact that technical indicators on ETH’s daily chart suggest the crypto’s price may drop in the next couple of days. At press time, the 9-day EMA line was positioned below the 20-day EMA line.
In addition to the bearish orientation of the 9-day and 20-day EMA lines, the daily MACD line was on the cusp of crossing below the daily MACD Signal line. Should these two technical indicators cross, it may suggest a continuation of ETH’s bearish momentum.
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