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.
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.
From 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.