03 August 2021 | ZebPay Trade-Desk
Ethereum seems to have embarked upon its path to recovery, crossing the $2,600 mark yesterday. ETH has rallied close to 60% from its $1,710 low. Part of the recent recovery can be attributed to the much-awaited London hard fork. Traders and investors see the EIP-1559 launch as a bullish driver for Ether price, as it is likely to reduce gas fees. However, whether the rally will sustain or not, remains uncertain. The Ethereum London hard fork will now take place this week but is delayed as the previous schedule mentioned in late July.
ETH took support at $1,711 (Previous Low) and started moving upwards by forming a ‘Higher High Higher Low’ pattern. The prices surged almost by 56% and made a weekly high of $2,697. The asset has made a ‘Shooting Star’ pattern at the resistance of $2,650, where the long upper shadow indicates selling or profit booking from these levels (It being a green body candle the correction might not be as strong compared to a red body shooting star candle). ETH has strong support at $2,400. If it sustains the support level on a closing basis then we can expect another rally, else we may see the prices may slide to the next support level of $2,045.
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