After the big fall in Ethereum prices in recent months we now have some respite for the Ethereum bulls. Price have managed to close above the $3000 round number level.
Next resistance zone on the upside is the $3372 zone. Current price is at $3162 and with more buyers coming into the market, that upside is just not too far away.
Ethereum’s London Hard Fork
This week’s upgrade to the Ethereum network is a significant one. Called the ‘London Hard Fork’, it went live as block number 12,965,000 got added to the blockchain network.
Now, why is this upgrade significant?
Well for one this particular upgrade makes Ethereum deflationary and at the same time gives the network a chance to more scalable. This upgrade is also a prelude to something that the Ethereum community and investors are still waiting for which is ETH 2.0 and likely to happen near the end of the year.
So if you are an Ethereum supporter, you would want to continue to monitor the price action of Ethereum going forward. As price picks up we may see FOMO set in.
The price of Ethereum is going up and there is still space from where the price is now to its all time high around the $4400 mark. Lets see going forward whether there is going to be any retrace that may allow us to buy on dips.
Nevertheless price can also flip tp the downside anytime too and if that happens we may see more people looking for the exit which could suppress prices.
As traders we should always be on the lookout for any signs of trend change.