This week, Ethereum’s London hard fork closed with no issues and investors are now looking to new highs above $ 3,100.
Data from Cointelegraph Markets Pro and TradingView show that the price of Ether (ETH) did indeed see a “Sell the News” sell-off shortly after it went live in London, but Dip buyers quickly rushed in and pushed its price back up $ 2,800, its highest level since June 7th. That bullish momentum continued to lengthen after Bitcoin price surged above $ 44,000 and was trading at $ 3,050 at the time of writing Ether.
Now that the network is running smoothly after its biggest update of the year, here’s what traders and analysts expect from the top altcoin next.
A close above the weekly resistance will prolong the uptrend
Insights into the price development of Ether was provided by the pseudonymous Twitter analyst Rekt Capital, who highlighted the weekly resistance level of the Altcoin as an important hurdle to continue the current upward trend.
According to the graph provided, Ether will have to close above $ 2,714 to confirm the trend will continue.
Rekt Capital said:
“Aether is now at one of its last major resistances in the higher time frame. Once Ether is able to break this $ 2770 resistance, there will be little resistance until the old all-time high of $ 4400.
Related: An Ethereum Blockchain Upgrade, Bitcoin Price Discussion: Hodler’s Digest, 1.-7. August
Even with overhead resistance, traders expect ETH burns to push prices up
According to SpinTrades, a pseudonymous Twitter analyst, traders should be on the lookout for a potential spike to $ 2,600, while a break and close above $ 3,000 could rally to $ 3,300.
$ ETH trading price, no hype
Break and hold over 2900-3000 -> 3300
Break below 2600 -> 2200-2400
Rejection at 2900, consolidation 2600-2800 # Ethereum #ETH #ETHUSD pic.twitter.com/uULOKn0OTE
– SpinTrades (@SpinTrades) August 5, 2021
Related: 3 Reasons Ethereum Probably Won’t Flip Bitcoin Anytime soon
One of the more interesting upgrades that came with the London hard fork was a new ether burning mechanism that burns some of the transaction fees and removes them from circulation.
As noted in the following tweet from Alex Krüger, more than 2,160 ethers ($ 6 million) were burned in the first seven hours and investors seem to assume that if this trend continues, the price will rise.
2160 ETH burned in just seven hours. Impressive.
(also excellent website: https://t.co/fJ6Wo6L2kg) pic.twitter.com/044eOtPhni
– Alex Krüger (@krugermacro) August 5, 2021
Similarly: The Ethereum price rises to over $ 3,000 in the “red zone”, which is triggering sales fears
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