In early trading on Friday, Ethereum increased followed by a drop, breaking through $3100, and is currently trading at $3,080. The total computing power of the Ethereum network is 678.13TH/s, the transaction volume on the 24h chain is 2,150,541 ETH, and the amount burned is 356,200 ETH. 6366 ETH were burned yesterday which represents a decrease of 22.52% from the previous month. The sale of NFT by Time magazine triggered panic buying, which caused the Ethereum Gas fee to soar for a while. JPMorgan Chase: Compared with Bitcoin, institutional investors have more confidence in Ethereum.
From a technical perspective, the daily candle of Ethereum continues to be bullish but it is still in a downward trend under the pressure of MA 10. H4 graph shows that Ethereum tried to strengthen but met with resistance and currently operates around the middle BOLL band. MACD is under 0 axis and indicator is neutral but slightly bearish. Overall, prioritise operation within fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 3200.
Resistance：3140-3200-3300
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