The FX PostThe FX Post
    What's Hot

    FlatQube Trade Volume, Trade Pairs & Trust Score

    November 7, 2022

    Step Guide to Winning Forex Trading

    September 19, 2022

    Relationship Between Currency Risk and Foreign Bonds

    September 2, 2022
    The FX Post The FX Post
    • Best Fx Robots
    • Forex
      • News
      • Forex 101
      • Forex Forecasts
      • Broker Reviews
    • Crypto
      • News
      • Crypto 101
      • Crypto Forecasts
      • Crypto Reviews
    • Indices
      • News
      • Analysis
      • Commodities
      • Reviews
    • Automated Trading
      • Forex Signals
      • Forex Robots
      • Copy Trading
    • Top
      • Best Forex Robots
    The FX PostThe FX Post
    Home ยป Ethereum Daily Forecast: ETH Prepares for London Hard Fork
    Crypto Crypto Forecasts

    Ethereum Daily Forecast: ETH Prepares for London Hard Fork

    August 5, 20213 Mins Read
    Facebook Twitter Pinterest LinkedIn Reddit
    Ethereum
    Share
    Facebook Twitter LinkedIn Pinterest Reddit

    ETH dips below the $2700 mark as it waits for the highly anticipated London hard fork. 

    • Approximately 75% of Ethereum nodes are ready for the London hard fork.
    • The price of Ethereum has risen above $2,700 for the first time since early June.
    • Traders should consider historical price trends.

    ETH fundamental forecast: investors weigh in on London hard fork

    Ethereum supporters are giddy with excitement over the imminent London hard fork, which will take place on August 5 at block height 12,965,000.

    Markets are invaded by algorithms
    Secure your passive income with algo-based trading systems
    Learn more

    What’s the deal with this London hard fork?

    The London hard fork will include five Ethereum Improvement Proposals (EIPs), including EIP-1559, a much-anticipated proposal implementing a base-fee burning process.

    EIP-1559 alters the way transactions are handled on the Ethereum blockchain by establishing transparent pricing for the base processing fee paid to Ether miners.  

    A portion of the tokens will be burnt, removing them from the ETH circulating supply permanently.

    The annual supply adjustment of Ether might be lowered by 1.4 percent, with around 6,000 ETH burned each day. However, as more transactions take place on the Ethereum network, ETH may become further deflationary.

    Keep note of historical data

    One of the most regular events in the crypto market is a significant price knock before an important news announcement or protocol upgrade, followed by a price crash. Those who bought in early cash out to secure gains and others who arrived late became bag holders.

    While nothing is definite, despite Ether’s optimistic price performance, the historical trend of price drops following important developments should not be ignored.

    What’s next?

    According to Goldman Sachs, increased Ethereum network activity might result in more ETH being burned and less Ether available for resale in the market, potentially lessening miner selling pressure.

    There is still uncertainty about how the Ethereum London community will react in the aftermath of the update. EIP-1559 might significantly impact miners, with Compass Mining estimating that ETH miners’ revenue could drop by 20% to 30% due to a portion of their fees being burned.

    ETH technical analysis: key levels in action 

    Ethereum has risen over the last two weeks inside the boundaries of an ascending price channel. This price channel enabled it to hit $2700. Unfortunately, ETH has retreated from this high and has fallen below the price channel.

    ETH fell until it found support at $2460 after breaching the lower angle of the price channel and the 100-day MA. 

    So the first resistance now lies at $2550 with 100-day MA. The next resistance target is at $2640, $2700, and $2890. 

    On the flip side, the first support lies at $2460. This is followed by $2400, $2320, and $2200.

    Ethereum / US Dollar
    Ethereum / US Dollar

    The RSI remains in the bullish favor on the daily chart, although it points lower, which hints at fading bullish momentum. 

    Markets are invaded by algorithms
    Secure your passive income with algo-based trading systems
    Learn more
    Ethereum
    Share. Facebook Twitter Pinterest LinkedIn Reddit

    Related Posts

    Bitcoin dips

    Bitcoin Dips Listed Below $20,000 With Fundstrat Considering ‘Last Washout’

    June 29, 2022
    Crypto disaster

    Crypto Disaster Drags Providing Returns From 25,000% to Nearly No

    June 27, 2022
    XRP leads

    XRP Leads Crypto Majors Recuperation, Bitcoin Rises Over $21K as Rate-Hike Issues Subside

    June 24, 2022
    SEC chair looks for a unified crypto

    SEC Chair Looks for a Unified Crypto ‘Guideline Book’ to Stay Clear of Fragmented Regulation

    June 24, 2022
    Add A Comment

    Leave A Reply Cancel Reply

      −  1  =  3

    Best FX Post
    Best Forex Robots (Expert Advisors) 2021

    Best Forex Robots (Expert Advisors) 2022: Passive Income From Algo Trading Systems

    July 7, 2021

    Top 10 Lending Platforms for Crypto Loans

    June 1, 2022
    forex eurusd trading charts

    Top 10 Best Forex Brokers In All Times

    June 1, 2022
    Recent Posts
    • FlatQube Trade Volume, Trade Pairs & Trust Score
    • Step Guide to Winning Forex Trading
    • Relationship Between Currency Risk and Foreign Bonds
    • Best Social & Copy Trading Platforms
    • Bitcoin Dips Listed Below $20,000 With Fundstrat Considering ‘Last Washout’
    Featured Reviews
    TechBerry

    TechBerry Review: Pros, Cons, Recommendations

    September 18, 2021
    CryptoHero

    CryptoHero Review: Pros, Cons, Recommendations

    June 3, 2022
    Bitsgap

    Bitsgap Review: Pros, Cons, Recommendations

    April 29, 2022
    Categories
    • Analysis
    • Automated Trading
    • Best FX Post
    • Broker Reviews
    • Commodities
    • Copy Trading
    • Crypto
    • Crypto 101
    • Crypto Bots
    • Crypto Forecasts
    • Crypto Reviews
    • Forex
    • Forex 101
    • Forex Forecasts
    • Forex Robots
    • Forex Signals
    • Guides
    • Indices
    • News
    • News
    • News
    • Reviews
    • Reviews
    • Uncategorized
    Twitter BlogLovin
    © 2023, Thefxpost.com.
    • Contact

    Type above and press Enter to search. Press Esc to cancel.