Ethereum Price Steadies as Revenue and Fees Slide After Dencun Upgrade

The Ethereum price climbed a fraction of a percent in the last 24 hours to trade at $4,310on a 3% decrease in trading volume to $18.3 billion.

The move comes after Ethereum’s revenue for ETH holders fell 44% in August to $14.1M, down from $25.6M in July, even though ETH hit a record high of $4,957.

Network fees fell 20% to $39.7 million, following the Dencun upgrade in March 2024 that lowered transaction costs on Ethereum’s layer-2 networks. Critics argue the drop weakens Ethereum’s fundamentals, while supporters see it as proof the network is designed for long-term growth.

At the same time, institutions are showing strong interest in Ethereum. Advocacy group Etherealize raised $40M to promote ETH to public companies, while investors like Bitwise say staking ETH makes it work like an earnings asset — a big draw for Wall Street.

Ethereum Holds Key Support, Signals Possible Bullish Reversal

Ethereum (ETH) is showing stability around $4,300 after weeks of price swings, and the charts suggest the market may be preparing for a bullish reversal.

Looking back, ETH broke out of a bearish channel earlier this year, where prices had been sliding since January. The breakout came after Ethereum held a strong support zone between $2,800 and $3,000. That level acted as the base for the rally that pushed ETH above $4,000. Since then, the market has been moving in a steady upward trend, with short consolidations along the way.

At the moment, ETH is trading near a curved support trendline, sitting around $4,200. Holding this level is important because it shows buyers are still defending the market. If ETH stays above $4,200, the price could bounce back toward $4,500 and possibly $5,000 in the short term.

Beyond that, the next resistance zone is closer to $6,000. But if ETH slips below support, it may revisit the $3,800–$4,000 range, which would delay any bullish move.

The Relative Strength Index (RSI) is at 51, right in the middle of the scale. This means the market is neutral—neither overbought nor oversold. In other words, ETH has room to move higher if buying pressure returns, but it also leaves space for sellers if momentum weakens.

From a trading perspective, the $4,200–$4,300 level is the key to watch. A strong push above $4,500 could confirm the bullish reversal and set up a run toward $5,500–$6,000. On the other hand, a breakdown under $4,200 would suggest a short-term correction, with $3,500 acting as a major support floor.