Only 2 days are left for Ethereum's Hard Fork, this upgrade will be very critical for the Ethereum based dApps. Ethereum London Hard Fork popularly known as EIP-1559 Upgrade is scheduled to go live on August 6th. The upgrade is expected to reduce the gas fees being charged on transactions by implementing a base fee pricing mechanism that would dynamically change with respect to the congestion in the blocks of the Ethereum blockchain.
On the Daily TF, ETH was trading in a Bullish Descending Triangle pattern and on 29th July, it gave a strong breakout from its resistance after forming a Double bottom kind of formation. Currently, it is sustaining above all its major and minor DEMA's. Also, the short term trend is turning bullish as its 50 and 100-DEMA is giving a bullish crossover.
Daily RSI is not indicating overbought conditions yet which suggest that the current rally can continue in the coming days also. On-Chain data is also showing a positive structure, as per the Santiment(On-chain data insights provider), unique active addresses on the Ethereum network has surpassed BTC address activity.
Key levels to watch out for:
The nearest support is present at $2400 followed by $2250 as its 50 and 100-DEMA is also present at this level. If it closes below this level, selling pressure is most likely to continue till the level of $2K
The immediate resistance is present at $2650, if it decisively breaks this level, the next major resistance is $2850 followed by $3100.
On the Daily TF, ETH was trading in a Bullish Descending Triangle pattern and on 29th July, it gave a strong breakout from its resistance after forming a Double bottom kind of formation. Currently, it is sustaining above all its major and minor DEMA's. Also, the short term trend is turning bullish as its 50 and 100-DEMA is giving a bullish crossover.
Daily RSI is not indicating overbought conditions yet which suggest that the current rally can continue in the coming days also. On-Chain data is also showing a positive structure, as per the Santiment(On-chain data insights provider), unique active addresses on the Ethereum network has surpassed BTC address activity.
Key levels to watch out for:
The nearest support is present at $2400 followed by $2250 as its 50 and 100-DEMA is also present at this level. If it closes below this level, selling pressure is most likely to continue till the level of $2K
The immediate resistance is present at $2650, if it decisively breaks this level, the next major resistance is $2850 followed by $3100.