Analysis of the 7.17 ETH market trends!

As of July 17, the price of Ethereum is $3380, a significant increase of 6.9% compared to yesterday's closing price, showing remarkable performance!

First, in terms of technical upgrades, the Pectra upgrade has shown significant results, with Ethereum's daily blob data capacity increased to 8.15GB, and L2 transaction costs decreased by 51%. The activity levels of Layer 2 networks like Base have also notably increased, with on-chain transaction fee income reaching as high as 39.07 million USD in June. From the market sentiment perspective, although the Bitcoin pullback has weakened the capital rotation effect, some profit-taking has led to the selling of Ethereum, but the on-chain exchange reserves have dropped to a historical low of 17.1 million coins, indicating that long-term holders are reluctant to sell.

On the technical side, the RSI has pulled back from the overbought region to 58, and the MACD histogram is contracting, indicating a need for consolidation. Currently, the upper resistance level is at 3450 dollars, while the lower support level is at 3268 dollars. Moving forward, we will continue to monitor the trend!