ETH Price Analysis: What’s Ahead for ETH Price as Ethereum Network Fees Set New Record Highs

• Ethereum (ETH) is up 2.29% in the last 24 hours at $1,640
• The total gas fees on the Ethereum blockchain have reached a new yearly high
• According to data from blockchain analytics firm IntoTheBlock, the network’s total fees have risen to a staggering $46.1 million

Ethereum (ETH) is up 2.29% in the last 24 hours at $1,640. The total fees on the Ethereum blockchain have reached a new yearly high as the network experiences a tremendous upsurge in demand and activity as a result of Coinbase’s free open-edition NFTs and the second round of Blur’s user loyalty rewards. According to data from blockchain analytics firm IntoTheBlock, the ETH network’s total fees have risen to a staggering $46.1 million, a new record. Recently, top US exchange Coinbase revealed “Base,” its Ethereum layer-2 network. Along with optimism, the L2 solution was created. Blur, a well-known NFT marketplace, announced last week its intention to airdrop 300 million BLUR tokens (approximately $300 million at the time) to its users as part of an elaborate loyalty program.

Key Levels
Resistance Levels: $2,300, $2,000, $1,700
Support Levels: $1,500, $1,200, $1,000

ETH/USD Daily Chart: Ranging

ETH/USD Daily Chart

ETH/USD bounced back from the level of $1,587 and continued to recover. However, despite the bounce, the pair remains within the range established in mid-January. While the RSI conditions are in favor of the latest bounce off the daily moving average (MA 50) support, there may be some obstacles for the recovery moves, specifically the horizontal barrier at $1,700.

Ethereum (ETH) buyers may continue to be concerned unless the pair breaks the immediate resistance line at the level of $1,700. Even if that happens, the further ascent may be limited by the levels of $1,900 and $2,000. It is important to note that for the bulls’ conviction to be restored, ETH/USD’s continuous run-up beyond the threshold of $1,500 needs to surpass the one-month high of $1,742.

ETH/USD 4-hour Chart: Ranging

ETH/USD 4-Hour Chart

Despite today’s rally, ETH/USD remains below the brief high of $1,742, although the intraday bias is essentially bullish. If the uptrend continues, the positive potential could be restricted by the $1,700 level, resulting in a new fall.

A breakout of the $1,700 level, on the other hand, might start a larger uptrend with a 50% from $1,650 to $1,950 from $1,700 to $2,000 levels next. The resistance cluster created around $1,742, on the other hand, may limit the ETH/USD price in the short run.

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