Ethereum price despite a couple of market sell-offs rejected plunging beyond crucial levels
The probability of a drastic jump could be well in place as the countdown for the EIP 1559 has began
With the triple halving on the cards, the selling pressure is expected to reduce nearly 90% and hence a substantial jump could be fast approaching
Ethereum price just made it to the highs of $2691 for the first time since June 07. The sentiments, fundaments and charts are lining up for the as all eyes are on the London Hard Fork or EIP 1559 scheduled in a couple of days from now. After 12 straight days of a bullish stand, recording significant green candles, the ETH price could also add up yet another one.
Moreover, the upgrade is a milestone and a very important part of ETH 2.0 focuses on gas fees. The ETH supply from 12K-13K per day could be down to nearly 1500 to 2200 per day in terms of gas fees. And hence a substantial shortage may also be fast approaching creating a huge demand for the asset.
Therefore a clear picture of a massive bull run for Ethereum could rally the price close to $3000. One of the popular analysts Pentoshi Wont DM You, laid a couple of price targets at $2800 and $3000.
Ethereum Price Analysis, Path To $3000
Ethereum price recorded green candles for consecutive 12 days and the 13th one could be on the way. With the surge, the price has formed a huge ‘W-shaped pattern’ with the neckline around $2616. Despite the failed attempts to surpass these levels prevails, the price strongly seems to be poised to climb.
The next level to clear would be very close to $3000 & the London Hard Fork launch may be a huge catalyst. With the drop in gas fees, the ETH price is could jump with a pretty large margin. Also, the Ethereum price could gain huge bullish momentum that could carry the price above the current ATH around $4500 in the coming months.