The Ethereum price has been dropping since the hard fork, and it’s unclear if this is a short-term dip or the beginning of a long-term trend.
The london hard fork explained is a cryptocurrency event that occurred on the Ethereum network. It was caused by a disagreement between developers and miners, which resulted in what is known as a hard fork.
Without a question, Ethereum is one of the best-performing cryptocurrencies, even outperforming Bitcoin.
ETH has beaten the odds in the past trading month, adding an astounding 6.7X year-to-date, a remarkable achievement given the drops from May to July 2021.
ETH prices recovered from late July to early August after more than halving and falling below key Fibonacci retracement levels in recent months. Swing traders would have seized their opportunities to ride the trend and made money under these pricing circumstances, with a clear bullish reversal pattern dating back to July 20.
Of course, fundamental events—particularly the run-up to EIP-1559 and the London hard fork—were responsible for the revival.
There are, however, signs that Ethereum purchasers are slowing down. Is Ethereum’s rise finally coming to an end? Are the bulls in ETH/USDT running out of steam? Was that a dead cat bounce, too?
Or, to be more optimistic:
Is this a pause before the trend resumes?
Concerns are pushing ETH/USD traders to confront these difficult, troubling issues in terms of price.
First and foremost, the price of Ethereum has dropped by 6% in the previous trading day. The outcome is a three-bar bear reversal pattern on the daily chart.
A rise in trade volumes has accompanied this downturn. It is critically driving ETH prices below the 4HR chart’s middle BB. Some bullish traders are hedging their bets and keeping their cards close to their chests. After more than two weeks of higher highs, some traders are already unwinding their long positions and recording gains.
Second, the 4HR chart shows a worrisome bearish divergence beyond today’s draw-down and the concerning closure below the middle BB.
What causes this to happen?
In particular, Ethereum’s price increases during the past 10 days have slowed. The rise was not supported by these new highs in ETH/USD, which were accompanied by declining momentum and dwindling trading volumes.
As a result, it’s no surprise that ETH prices have plummeted below the middle BB. The volumes bar in the second chart in the 4HR chart shows that the follow-through of the NY session on August 12 is with strong participation levels.
Is the EIP-1559 and London Hard fork-induced surge that began in late July and early August 2021 now over?
ETH bears were pushing lower at the time of publication. The presence of sellers on the 4HR chart, as well as increasing trade volumes, complicates the scenario for Ethereum bulls.
Lower lows compared to the upper BB—one of the strongest bitcoin technical indicators—are seen on the daily chart.
Furthermore, the rise seemed to be laborious, and the break-above $2.9k remains unconfirmed as prices consolidate.
While swing traders may struggle to locate chances, scalpers who take longs in short time frames and align themselves with the upswing have plenty of options.
Trading View provided the charts.
Disclaimer: The views presented do not constitute investment advice. Do your homework.
The ethereum london hard fork price prediction is the question that has been on everyone’s mind. The price of Ethereum dropped by 6% and some believe this could be the end of the rally.
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