The Ethereum price has shown positive momentum, with a 0.3% increase in the past 24 hours, reaching $3,080. The market cap of Ethereum currently stands at $370 billion. However, the daily trading volume of ETH has decreased by 21%, now at $17.1 billion.

According to data from Santiment, 69.9% of social media conversations around Ethereum reflect positive sentiment, while only 20.2% of investors are anticipating a price decrease.

Average fees on the Ethereum network have dropped by 70.6% since April 13, now at $2.03, marking an 11-week low. This decrease in fees suggests a reduction in network activity as market sentiment remains mixed.

Additionally, Ethereum’s total open interest has seen a third consecutive daily decline, dropping from $5.02 billion to $4.83 billion. This decline could potentially lead to lower volatility for the token as fewer liquidations are expected.

The ETH Relative Strength Index (RSI) has increased from 38 to 43 in the past 24 hours, indicating that the ETH price is still in a favorable position, moving towards the overvalued zone. To maintain a bullish trend, the RSI of ETH would need to remain below the 50 mark.

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