Ethereum ( $2,419.34 ) looks poised to advance further as the EIP-1559 update approaches.
Transaction history shows that there is no supply barrier ahead of Ether.
Meanwhile, the technicals project a $3,200 target for ETH.
Share this article
As speculation mounts around the EIP-1559 update, market participants seem to have rushed to add more ETH to their portfolios. Ethereum ( $2,419.34 ) price has risen more than 50% since Jul. 21 and seems to have more room to go up.
Ethereum ( $2,419.34 ) Primed for Higher Highs
The second-largest cryptocurrency by market capitalization has enjoyed an impressive rally over the past two weeks, gaining nearly 1,000 points in market value. The upward price action seems to have been anticipated by the development of a descending triangle on ETH’s daily chart.
Ethereum ( $2,419.34 ) has surged by 35% after breaking out of this technical formation in Jul. 22. Despite the significant gains incurred within such a short period, Ether looks primed for more.
The height of the triangle’s y-axis suggests that ETH could advance another 17% toward $3,200.
IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals no significant supply barrier that will prevent Ethereum ( $2,419.34 ) from achieving its upside potential. The only major interest area sits between $2,700 and $2,790. Here, roughly 436,000 addresses had previously purchased 781,000 ETH.
This supply zone may have the ability to absorb some of the buying pressure seen recently. Holders who have been underwater may try to break even on their positions, slowing down the uptrend. But if Ether can slice through this hurdle, it would likely climb to $3,200.
It is worth noting that the IOMAP cohorts show that Ether sits on top of stable support. Approximately 733,500 addresses bought 2.74 million ETH between $2,380 and $2,460. This crucial demand wall indicates that bears would likely struggle to push prices down.
Right now, the odds favor the bulls.
This news was brought to you by Phemex, our preferred Derivatives Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
EIP-1559 and the Future of Ethereum ( $2,419.34 ) with Justin Drake
Justin Drake talks ahead of Ethereum ( $2,419.34 ) ’s EIP-1559 update, shipping as part of the London hardfork. A Landmark Year for Ethereum ( $2,419.34 ) Ethereum ( $2,419.34 ) is going through big changes. The price of ETH…
Ethereum ( $2,419.34 ) Aims for 13th Consecutive Green Candle Close
Ethereum ( $2,419.34 ) has achieved its 12th green daily candle in a row. Ethereum ( $2,419.34 ) on a Rally Following the recent crypto market reversal, Ethereum ( $2,419.34 ) is in bullish mode. From Jul. 21 to…
Axie Infinity Generated More Revenue than Bitcoin ( $60,115.00 ) or Ethereum ( $2,419.34 ) in July
A groundbreaking month of July saw Axie Infinity earn more revenue than Bitcoin ( $60,115.00 ) , Binance Smart Chain, Uniswap ( $11.31 ) , or even Ethereum ( $2,419.34 ) . Blockchain Gaming Is Exploding The heavily mediatized price rise of…
What is Impermanent Loss and How can you avoid it?
DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…