Categories: Altcoin News News Price Analysis

Ethereum Price Leaps To $2,600 Ahead Of The London Hard Fork

  • Ethereum price gains traction during the weekend, trading above $2,600.
  • The much-awaited Ethereum London hard fork upgrade is expected to kick off on August 4.
  • Ethereum must settle above $2,600 to avert a potential retreat to $2,400.

Ethereum price gained abandoned the bearish calls to $2,000 late last week and posted incredible gains over the weekend. The pioneer smart contract token had initially been capped under $2,400. However, its downside had also been protected by an ascending channel’s lower boundary. This line of support put Ethereum in the trajectory for gains above $2,400.

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The bullish leg extended above $2,600 and briefly touched $2,700 on some exchanges like Coinbase. A minor correction came into play with Ethereum slicing under the ascending channel’s middle boundary.

At the time of writing, Ether is trading at $2,560 amid a renewed effort by the bulls to fight for another take on the seller congestion at $2,600 and $2,700.

Ethereum Price Upswing to $3,000 Seems Imminent

It is the bulls’ priority to establish higher support for Ethereum as soon as possible. Perhaps holding above $2,500 will keep the focus on $2,600 and $2,700, respectively. Note that another break past $2,600 may trigger more buy orders as Ethereum soars to $2,700 before making hast toward $3,000.

ETH/USD four-hour chart

ETH/USD price chart by TradingviewFrom a fundamental perspective, Ethereum is at an optimum point to rally. Investor sentiment keeps improving ahead of the Ethereum London hard fork. This key upgrade encompasses the EIP-1559, a proposal that will see network gas fees significantly brought down. In a way, the prevailing exploitative gas fees have made Ether less competitive. However, with the barrier out of the way, Ethereum can rise to higher levels.

On the flip side, holding above $2,500 is crucial for continuing the uptrend to $3,000. However, if broken, bears will gain momentum and push the price to $$2,400. Massive losses will be triggered if sellers surmount the bulls’ at this level. Other support areas to keep in mind include $2,200 and $2,000.

Ethereum Intraday Price Levels

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Spot rate: $2,560

Trend: Bullish

Volatility: High

Support: $2,500, 2,400

Resistance: $2,600 and $2,800

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John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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