A Slight Recovery in Ethereum Prices

Ethereum’s price has set three higher highs and three lower lows since June 24th. By connecting these oscillating points using trend lines, we can create a certain growing parallel channel.

This technical pattern predicts a drop of $ 2030 to $ 1,720, determined by measuring the distance between the first high and low swing and adding a breakout point to $ 2,245. However, the decline could be halted in the demand zone ranging from $ 2,292 to $ 2,022. Therefore, investors can expect ETH to break from this area to bring down the average value of the range to $ 2,280 at the Fibonacci 61.8% level. If this were to happen, the price of Ethereum could increase further by 25% to bring the range high to $ 2,880 after crossing the middle barriers to $ 2,436 and $ 2,636. If sales pressure increases enough to break through the demand zone stretching from $ 2,160 to $ 2,280, ETH is likely to move toward its projected $ 2,000 target.

In the extremely bearish case, the price of Ethereum could eventually reach the lowest range of $ 1,720.

The two main upgrades via the London hard fork relate to changes to the network transaction fee model and changes to the time bomb with difficulties. EIP-1559: Changing the fee market is the most significant element. It includes a new deflation mechanism that will burn the basic fee, leading to greater scarcity and increased long-term sustainability of the Ethereum network.

Currently, customers are bidding to pay a fuel surcharge. This encourages miners to give priority to transactions based on the added fee.

According to EIP-1559, each block will instead have a fixed, linked fee, making a more predictable and equitable mining mechanism. With one eye on ETH 2.0 and moving from proof of performance to proof of role, EIP-3228 will apply a heavy time bomb, which means that the blocks will become more difficult to exploit over time, which will gradually make the process unprofitable. There will come a time, estimated at K2 2022 when mining becomes so unprofitable that miners will have no choice but to stop mining on Ethereum 1.0.

Support Platform Spread Trading Instrument


User Review

0 (0 votes)

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.

Chart AnalysisEther

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News