- Ethereum price analysis shows major effects emerging after London hard fork
- ETH/USD pair has risen around 4 percent and undergoing churning post the update
- At the time of writing, the ETH/USD is near $2,740
Ethereum prices increased more than 8% on Thursday, reversing Wednesday’s 3.8% loss to close $2,724.71. Starting the day unsteadily, Ethereum plummeted below the first primary support level by mid-morning before beginning a series of ups and downs that resulted in a late morning rally into highs over 12%.
Ethereum price movement in the last 24 hours: Technicals point to higher levels
Ethereum surpassed its day’s steep resistance levels to settle at a higher price point. More importantly, Ethereum also exceeded the 38.2% Fibonacci level of $2,740 before it pulled back to $2,710. The support of the Ethereum blockchain has weakened as it’s fallen back through the third significant resistance level at $2,716 and now has a market value of just over $2,600.
ETH/USD 4-hour chart: Ethereum steadily climbing towards $2,900
A mixed start to the day saw Ethereum rise from an early morning low of $2,710.87 to a high of $2,740.83 before falling back to a low of $2,705.09
Ethereum left significant support and resistance levels untouched but tested resistance at the 38.2% Fibonacci level at $2,740 according to Ethereum price analysis.
At the time of writing, Ethereum is trading at $2,700. The price has mostly been oscillating with mixed results and without any resistance levels tested by ETH. Ethereum price analysis shows that it needs to break the 38.2% Fibonacci resistance for things to get better in the market, but this will not be easy due to the overall crypto sentiment decline.
There are a few milestones that Ethereum could reach in the event of another broad-based crypto rally. The first major milestone is resistance at $3,000; it would need to fall through $2,651 for the next major milestone – support at $2,530.
Ethereum faces resistance near the $2,800 zone
Ethereum should be able to hold above the $2,500 support level. Ethereum price analysis shows there’s a second major support is at $2,335.
The price of Ethereum has increased 14 out of the last 15 days, which corresponds to a 49.54% return since March 5. It also proved that when you see the cryptocurrency markets surge following Bitcoin‘s downward trajectory, it isn’t a false signal. While this return is not as significant as other gains seen during ETH’s history, it is still significant according to Ethereum price analysis.
Ethereum’s price had been climbing up so much it was even going over a level it hadn’t reached since March, but then it quickly fell back down. There is some resistance because of the alternating pattern on that chart which might suggest what can happen next.
If the ETH breakaway from the Cloud sustains, we could see Ethereum retesting $2,900 in the coming days. This would represent a 74% return from its July 20 low price of $1,352.
Ethereum price analysis conclusion: All eyes on London hard fork’s performance
Ethereum’s future success relies on it staying above the moving average. A failure to do so will prompt a reconsideration of its bullish narrative and might increase volatility. However, the London fork has put Ethereum in a position where it can succeed economically and technologically instead of just being hamstrung by market addiction for ETH.
Ethereum price analysis shows that it may not have done a good enough job on maintaining its position when the market was most bearish, which saw ETH drop to an average of $2.390 at one point, and this could put ETH at as much risk as before. Still, nothing is guaranteed yet since other features can make Ethereum rise back up again.
The Ethereum London hard fork went live on Thursday, and following the first three days of use, the price rose by an overall 4%. The most significant update in the network’s history had a smooth rollout despite some opposition from miners. Without question, launching EIP-1559 will be a positive catalyst to help pave the way for $3,000 Ethereum.
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