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Ethereum London Fork Blasts ETH To $2,700 As $3,000 Beckons The clock is ticking for the much-awaited Ethereum London hard fork set to go live on August 5. Investors positioned themselves for the upgrade and expected rally pushing Ethereum above $2,700. A break above $2,800 could trigger massive buy orders amid investor anticipation for gains above $3,000. Ethereum price broke away from its peers and made an impressive run from $2,400 to levels above $2,700. The bullish leg came close to trading at $2,800, but a minor correction interfered with the bulls’ mission. At the time of writing, Ethereum trades around $2,700 while bulls put a fierce fight for gains heading to $3,000. Most short-term technical indicators have flipped bullish, implying that buyers have the upper hand. The latest upswing from $2,400 is believed to have resulted from investors positioning themselves ahead of the revolutionary London hard fork upgrade. Ethereum London Hard Fork Will Go Live On August 5 According to ethernodes, the much-anticipated London hard fork is just eight hours away. It is supposed to occur on block 12,965,000. Node operators on the Ethereum blockchain have been getting ready for the upgrade, and ethernodes confirms that 75% are ready. The Ethereum London Hard Fork is crucial mainly for implementing EIP-1559, one of the five proposals the upgrade would bring to the network. EIP-1559 aims at reducing gas fees that have been highly exorbitant to function on a base fee mechanism. Users will no longer need to pay more to prioritize their transactions. In addition to that, the fee collected would be sent to a non-recoverable wallet, where it is burned. Ethereum Price Rally Takes Breather Following the uptick to areas close to $2,800, Ethereum retreated to $2,700. Buyers are mainly focused on pulling Ethereum above $2,800. Perhaps at this level, massive buy orders would be triggered to support price action beyond $3,000. Realize that the Moving Average Convergence Divergence (MACD) indicator has a bullish impulse. Ether has sustained this call to buy since July 20, but the uptrend was confirmed with the MACD crossing above the mean line. As long as this indicator continues with the upward movement within the positive region, bulls will have the upper hand. Buyers should also establish higher support, preferably at $2,700, which will allow them to comfortably execute the mission toward $3,000. Ethereum Intraday Levels Spot rate: $2.711 Trend: Bullish Volatility: Growing Support: 2,700 and $2,400 Resistance: $2,800 and $3,000
COINBASE:ETHUSDLong
by CoinGape
3
Ethereum Price Leaps To $2,600 Ahead Of The London Hard Fork Ethereum price gains traction during the weekend, trading above $2,600. The much-awaited Ethereum London hard fork upgrade is expected to kick off on August 4. Ethereum must settle above $2,600 to avert a potential retreat to $2,400. Ethereum price gained abandoned the bearish calls to $2,000 late last week and posted incredible gains over the weekend. The pioneer smart contract token had initially been capped under $2,400. However, its downside had also been protected by an ascending channel’s lower boundary. This line of support put Ethereum in the trajectory for gains above $2,400. The bullish leg extended above $2,600 and briefly touched $2,700 on some exchanges like Coinbase. A minor correction came into play with Ethereum slicing under the ascending channel’s middle boundary. At the time of writing, Ether is trading at $2,560 amid a renewed effort by the bulls to fight for another take on the seller congestion at $2,600 and $2,700. Ethereum Price Upswing to $3,000 Seems Imminent It is the bulls’ priority to establish higher support for Ethereum as soon as possible. Perhaps holding above $2,500 will keep the focus on $2,600 and $2,700, respectively. Note that another break past $2,600 may trigger more buy orders as Ethereum soars to $2,700 before making hast toward $3,000. From a fundamental perspective, Ethereum is at an optimum point to rally. Investor sentiment keeps improving ahead of the Ethereum London hard fork. This key upgrade encompasses the EIP-1559, a proposal that will see network gas fees significantly brought down. In a way, the prevailing exploitative gas fees have made Ether less competitive. However, with the barrier out of the way, Ethereum can rise to higher levels. On the flip side, holding above $2,500 is crucial for continuing the uptrend to $3,000. However, if broken, bears will gain momentum and push the price to $$2,400. Massive losses will be triggered if sellers surmount the bulls’ at this level. Other support areas to keep in mind include $2,200 and $2,000. Ethereum Intraday Price Levels Spot rate: $2,560 Trend: Bullish Volatility: High Support: $2,500, 2,400 Resistance: $2,600 and $2,800
COINBASE:ETHUSDLong
by CoinGape
1