ETH positive sentiment rallies, average network fees reach 11-week low

The Ethereum (ETH) price has gained momentum as positive investor sentiment recorded an impressive surge.

ETH is up by 0.3% in the past 24 hours and is trading at $3,080 at the time of writing. The asset’s market cap is currently standing at the $370 billion mark. However, Ethereum’s daily trading volume plunged by 21%, dropping to $17.1 billion.

According to data provided by Santiment, 69.9% of the conversations around Ethereum on social media platforms show positive sentiment while only 20.2% of the investors and traders are betting on a price downturn.

Data from the market intelligence platform shows that the average fees on the Ethereum network plunged by 70.6% since April 13’s local high of $6.93 — currently sitting at $2.03, marking its 11-week low.

The declining fees show that the network activity on Ethereum has also dropped significantly as the market weathers mixed sentiment.

Moreover, the ETH total open interest (OI) has recorded its third daily consecutive decline. Per Santiment, the asset’s total OI fell from $5.02 billion on April 14 to $4.83 billion at the reporting time.

The downward momentum of the ETH OI could potentially mean lower volatility for the token since a smaller volume of liquidations would be expected.

On the other hand, the ETH Relative Strength Index (RSI) rose from 38 to 43 over the past 24 hours, according to Santiment. 

The indicator shows that the ETH price is still in good condition while slowly moving toward the overvalued zone. For ETH to remain in the bullish zone, its RSI would need to stay below the 50 mark.