Recently, Ethereum (ETH), the world’s second-largest crypto asset, has faced persistent selling pressure, keeping its price below $3,200. Additionally, key on-chain indicators for Ethereum, such as a sudden decline in ETH gas fees, suggest a slowdown in network activity. Ethereum’s median gas price has reached a significant milestone, hitting its lowest level in three years. As of April 27th, the median gas price stood at a mere 6.43 gwei, marking the seventh lowest single-day gas median price recorded over the past three years.
At the time of writing, ETH was trading at $3,071.
ETH after making the high of $4,093 witnessed a sharp profit booking and the prices corrected almost by 25% and dropped to $3,056. The asset took support at the key level of $3,000 and bounced back to $3,730. However, the bulls failed to manage their grip on the asset, and the prices saw another correction it made a low of $2,852. ETH is not sustaining below $3,000 and the lower longer shadow below $3k indicates buying around these levels. The asset is consolidating and trading from $3,000 to $3,300 with low volumes. Breakout on either side of the range with good volumes will further decide the trend for the asset.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,750 | $3,000 | ETH | $3,350 | $3,750 |
