64k ETH Consumed in Ethereum during the Otherdeed NFT Mint
The record-breaking earnings by Ethereum miners and the median transaction cost during the Otherside Metaverse NFT mint come as no surprise as the event congested the network leading Yuga Labs to suggest that Apecoin might need its own chain. Furthermore, participants of yesterday’s mint paid almost 64k ETH in transaction fees: $176.66 million.
Almost 64k Ethereum was spent in transaction fees during the Otherside mint. Source, Etherscan.io
Ethereum Continues to Struggle Below $2,800
Concerning price, the Otherside NFT mint and the network congestion were not enough to provide the bullish environment needed for Ethereum to wiggle out of the ongoing crypto-wide pullback. The digital asset is in a clear downtrend as it is trading below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages.
However, Ethereum’s daily MFI and RSI provide some hope as they exhibit signs of strength at current levels of 33 and 38, respectively. The histograms of the daily MACD point towards the possibility of renewed buying of ETH by the bulls that could push Ethereum back above $2,800.
If Ethereum fails to regain the crucial $2,800 level during tonight’s weekly close, the number two digital asset could find some support at $2,445, $2,300, or $2,159. Such an event will most likely be catalyzed by Bitcoin losing the $38k to $37k support zone later today.
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