The crypto market has made solid gains in the past two weeks. Bitcoin seems to be in a consolidation phase after facing rejection at $40K. However, ethereum is still gaining, and it is leading altcoins in making significant gains. The token has managed to go up by over 30% in the past month.
Ethereum is trading at $2657.91 at the time of writing after an 8.1% gain.
Ethereum Price Analysis
August 5 is an important day for the Ethereum community because of the highly anticipated London hard fork update expected to commence today. This news has led to skyrocketing ETH prices, with the largest altcoin now gearing towards $2700.
Ethereum bulls are putting up a strong fight to gear towards $3000. The majority of short-term market signals indicate a strong buy, which means that buyers have the strength to push the rally towards $3000. If the current upswing pushes ETH to $2800, massive buy orders will trigger the rally towards $3000.
In several intraday periods during the past 24 hours, ethereum has managed to cling $2800 but has faced strong rejection. This was the highest level for ethereum in two months. The volatility is growing, meaning that an upsurge or downtrend will be of significant magnitude.
On the off-chance that ETH drops, it will retest support at $2400, and it could later consolidate at $2500.
According to ethernodes, the Ethereum hard fork upgrade is just 3 hours away at the time of writing. The upgrade will happen at the 12,965,000 block. Ethereum London Hard Fork is a critical upgrade for implementing the EIP-1559. It is one of the five proposals for the Ethereum network aimed at boosting scalability.
ConsenSys CEO Joseph Lubin recently had an interview with Bloomberg on the London Hard Fork upgrade. He stated that the new proposal would introduce the “ultra-sound money.” He also added that Ethereum had surpassed Bitcoin in terms of transaction volumes and developer activity.
Where to Buy ETH
Ethereum is currently performing very well in the crypto space, which makes it a great buy. If you want to purchase the ETH token, create a cryptocurrency account on a reliable and trustworthy platform such as eToro. eToro is one of the leading exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. eToro’s trading fees are also friendly.
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