ETH positive sentiment rallies, average network fees reach 11-week low

Data from the market intelligence platform shows that the average fees on the Ethereum network plunged by 70.6% since April 13’s local high of $6.93 — currently sitting at $2.03, marking its 11-week low.

The declining fees show that the network activity on Ethereum has also dropped significantly as the market weathers mixed sentiment.

Moreover, the ETH total open interest (OI) has recorded its third daily consecutive decline. Per Santiment, the asset’s total OI fell from $5.02 billion on April 14 to $4.83 billion at the reporting time.

The downward momentum of the ETH OI could potentially mean lower volatility for the token since a smaller volume of liquidations would be expected.

On the other hand, the ETH Relative Strength Index (RSI) rose from 38 to 43 over the past 24 hours, according to Santiment.

The indicator shows that the ETH price is still in good condition while slowly moving toward the overvalued zone. For ETH to remain in the bullish zone, its RSI would need to stay below the 50 mark.