Ethereum price action has been bullish since yesterday as a continued uptrend is taking the crypto to higher levels. Adding a nudge to the positive trend is Elon Musk’s revelation that he personally holds ETH. following which ETH surged above $2000 after weeks.
After dipping to $1700 levels at the start of the week ETH cemented the $1720 level and started a surge. It has risen above $1800 and $1850 resistance levels and cemented them as support.
A closing above the $1,900 mark and the 100 hourly simple moving average was also achieved. The price of Ether even rose beyond the $2,000 resistance level, but no proper close was achieved. Near $2,033, a high was made, and the price is now retracing.
ETH is now trading at $1984, the immediate resistance is at $2000. It must trade above $2020 to validate a further upward momentum. The bulls’ next significant resistance level might be near $2,050, followed by $2,100. In case of an extended bull rally, $2200 will be tested.
In case of a downtrend below $2020, the immediate support is found at $1970. A dip below will bring $1920 and $1900 subsequently to play. Any further losses might lay the stage for a near-term decline towards the $1,850 support zone.
Upcoming London Hardfork
On August 4, the ethereum network will undergo a hard fork. This upgrade, called the “London Hard Fork,” brings Ethereum 2.0 one step closer to release, which will introduce a more efficient proof-of-stake system to replace the current proof-of-work model.
There are five EIPs in this update. The EIP 1559 and EIP 3554 are the most popular of them. Because of its revised fee structure, which burns a portion of the fees, the former is projected to make ETH less inflationary. Because it has the potential to diminish miner revenue, this idea has sparked controversy. The existing PoW mechanism is likely to be “frozen” by EIP 3554 in preparation for the forthcoming PoS update.