- Ethereum price analysis highlights ETH’s price action past the $2,300 barrier level.
- The anticipation of the London hard fork upgrade appears to be making Ethereum’s price rally.
- Ethereum is showing long-term uptick signs as its 2.0 staking rate has bypassed the 5 percent level for the first time.
During yesterday’s trading session, the pioneer altcoin, Ethereum, registered an impressive upward price action. Due to this price action, Ethereum managed to move past the $2,300 resistance level for the first time in weeks.
Ethereum Price Analysis: General price overview
Following yesterday’s price surge, Ethereum’s weekly gains have appreciated by about 20 percent as the crypto asset struggled under the $2,000 mark for quite a while. Despite this, Ethereum’s price surge past the $2,300 mark was short-lived as the crypto asset appears to be showing signs of a brief retracement.
Ethereum is exchanging hands at around $2,274 with a market capitalization of about $262 billion at the time of writing. This signifies a 2 percent up in trading from yesterday’s low. According to market pundits, Ethereum’s recent price surge could be due to the anticipation of the London hard fork scheduled to be launched early this month. This scheduled network upgrade is expected to bring the implementation of the EIP-1559 protocol. This will see to it a base fee model is implemented in the Ethereum network, an action sure to see the significant reduction of ETH gas fees. At present, many Ethereum investors are campaigning for the implementation of the EIP-1559. However, the protocol appears to be facing resistance from miners.
Ethereum price movement in the past 24 hours
Over the past 24-hours, Ethereum price action has seen ETH hitting the highest point in several weeks. According to market pundits, the sudden price surge appears to be influenced by the scheduled London hard fork, which entails adopting the EIP-1559 protocol. Additionally, Ethereum managed to register a high of $2,384 during yesterday’s trading session. At the time of writing, Ethereum’s price has cooled to around $2,274.
Despite the impressive price rally, Ethereum’s trading volumes appear to have remained characteristically low over the weekend, with the crypto attracting just about $18 billion. According to our analysis, Ethereum’s recent price action could also have been influenced by the Friday expiry of the $230 million in options contracts. Due to this market development, Ethereum’s bulls and bears have been spreading their expectations all over the market. However, it appears Ethereum bulls took the lead when the crypto moved past the $2,200 mark.
Ethereum 4-hour chart
On looking at Ethereum’s 4-hour chart, it seems the crypto asset has embarked on a bearish trend, with crucial technical indicators showing it is headed for a partial price retracement. For instance, the Moving Average Convergence Divergence (MACD) indicator appears heading for a decline, signifying the start of a price decline.
Despite this, Ethereum is projected to stay above the $2,000 support level as global investors and traders continue to show interest in the crypto asset.
For the first time in history, Ethereum outperformed Bitcoin in address activity during Sunday’s trading session. If this trend continues, Ethereum could overtake Bitcoin to become the world’s most significant crypto asset in the future.
In addition, market observers from one of the world’s most credible banks, JP Morgan Chase, argued that blockchains running on energy-efficient platforms stand a better chance of adoption. With the long-anticipated Ethereum upgrade well on schedule, Ethereum appears well placed for a long-term bull run.
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