Ethereum Price Analysis: ETH surging towards $2,500 as the network announces date for the London hardfork upgrade

TL;DR Breakdown

• Ethereum price analysis highlights ETH’s 5 percent upsurge.
• According to Ethereum developers, the London hardfork upgrade will take place in a few weeks.
• The London hardfork upgrade promises to boost the NFT market capitalization by around 5 folds.

The world’s second most significant crypto asset, Ethereum, is up 5 percent in the last 24-hours, once again slicing past the $2,300 mark. Ethereum is exchanging hands at around $2,380 with a market capitalization of $277 billion at the time of writing.

Ethereum Price Analysis: General price overview

On compiling this Ethereum price analysis, we found out that the recent 5 percent price surge in Ethereum comes after announcing the date of the London hardfork upgrade. Tim Beiko, Ethereum’s developer, speculated that the market should expect the upgrade to go live in a few weeks from now. The debut of the upgrade will take place early next month with block 12,965,000.

Although the upgrade has received some backlash from some quarters, Tim confirmed that most Ethereum clients are expressing their approval towards it already. However, the crypto market has to wait for the final decision to be made this coming Friday at the scheduled core developer meeting.

According to previous Ethereum price analysis, ETH is currently trading within a bearish pattern. If the crypto coin halts its current upsurge and breaks down, it could plunge into a demand zone. If this happens, market participants should expect Ethereum to surge around this region, and if all things go well, the $3,000 resistance barrier could be retested.

Ethereum price movement in the past 24 hours

At the time of writing, Ethereum’s price action has moved past the 50 percent Fibo retracement level at $2,365, and it is trying to tag higher highs. However, on looking at Ethereum’s price action since June 23, it is clear the crypto coin registered 3 higher highs and 3 lower lows. When you connect their swing points using trend lines, a rising wedge is formed.

Most rising wedges have a bearish nature attached to them, and in Ethereum’s current situation, a 15 percent price decline is likely if the crypto closes the day around the lower trend line. On the wedge, $2,296 is currently the lower trend line.

Despite this, market participants need to keep in mind the demand zone that ranges from $2,040 to around $2,110. Apart from being a demand zone, this area acts as a support area to stop any significant selling spree from the rising wedge pattern. Additionally, this region could spark the resumption of Ethereum’s ongoing bullish march towards the $3,000 mark.

Assuming the above scenario happens, ETH price action will likely surge by 15 percent before encountering some resistance at the pattern’s mid-point at $2,360. Breaching this price level will open the door for Ethereum to surge towards the closest supply level at around $2,461 and $2,642. In an extreme bullish case, Ethereum could rally towards the $3,000 mark.

Ethereum 4-hour chart: Enjoying good buying pressure

When compiling this Ethereum price analysis, Ethereum is currently enjoying bullish momentum on the 4-hour chart. For instance, the Moving Average Convergence Divergence (MACD) indicator shows ETH is bullish, with the blue line hovering way above the signal line. As for the Relative Strength Index, Ethereum is currently on level 63, which shows us the crypto is enjoying good buying pressure.

Conclusion

As the market waits for the London hardfork upgrade, it is worth knowing that the upgrade is part of a grander scheme that seeks the future implementation of Ethereum’s 2.0 Proof-of-Stake. The London hardfork upgrade promises to offer new gas fees, less congestion, and greater security, among other improvements if implemented.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

Source: https://www.cryptopolitan.com/ethereum-price-analysis-2021-07-07/