With the London hard fork just around the corner, Ethereum price appears to be in trouble. The launch of the EIP-1559 upgrade is also approaching, yet the coin’s price remains in the bearish zone.
The cryptocurrency ETH/USD struck a high above $2400 last week, but it has now reversed lower from that peak on July 7th.
The price of Ethereum has failed to recover over $2200 and has begun a new downward trend. It is currently trying to keep its price above $2000. If ETH falls below $2000, it could experience a huge drop. The decrease occurred when investors began to believe that the hard fork would be delayed once more.
In a similar fashion to Bitcoin, ETH has dropped from the $2,175 barrier zone. Near $2,100, ETH breached many supports. If Ethereum does not recover above $2,050 or $2,100, it may continue to fall, with additional losses and a retest of $1850-$1900 possible.
On the downside, $2,010 serves as an initial support level. In the short term, closing over $2,100 might kick-start a good recovery wave. Near the $2,175 level, the next major resistance is found. At the time of writing, ETH was trading at $2021.85.
On the other hand, Lark Davis appears to be bullish on Ethereum. According to Davis.:
There are so many catalysts: moving to proof-of-stake (PoS), [ETH] 2.0, [decentralized finance], [non-fungible tokens], EIP-1559, and much, much more – the developer lead and all this stuff. I’m super, super-bullish on Ethereum.”
Earlier today his tweet also was hinting towards his Bullish outlook for the second-largest cryptocurrency.