- Ethereum hard fork was launched yesterday and crypto analysts have different opinions.
- Around $12 million worth of Ether burned since the London Hard Fork went live.
- Ethereum price remains bullish as bulls target $3,000.
Ethereum price rose by almost 5% on crypto exchanges over the last 24 hours following the activation of Ethereum London Hard Fork. At the time of writing, ETH was exchanging hands is trading in the red at $2,785 but the general market momentum remains bullish. Several crypto analysis have weighed in on the impact the upgrade is likely to have on ETH and the entire crypto space.
Crypto Analysts’ Views on the Impact of the Ethereum Hard Fork
Despite Yesterday’s rally, different Ethereum price analysist have different views on the impact of the London Hard Fork.
For example, Martin Gaspa a research analyst at cross-tower, said that the immediate success of the Ethereum Hard Fork upgrade is getting priced in. He said:
“The notion of Ethereum becoming a deflationary cryptocurrency in the future is now tangible, and the effects on Ethereum’s valuation could be profound.”
Other analysts believe that it might take years before the real impacts of Ethereum’s blockchain network upgrade are seen. These are the exact sentiments of the Nansen co-founder & CEO Alex Svanevik who said that he is currently focusing on a metric that looks at the percentage of EIP 1559 transactions, which is currently very low.
“”As wallets, bots, etc. start making use of the EIP 1559 features, we will know more about how this upgrade affects Ethereum long term.”
Overall, it is believed that the increased scarcity of ETH following the upgrade will bring long-term value to Ethereum which some have opined might surpass Bitcoin’s market capitalisation.
““… Ethereum might flip the bitcoin market cap in the long term, but not this year,” Ki Young Ju, CryptoQuant CEO.
At the time of writing, over 4,653 Ether had been burned, which is $12.7 million worth of ETH.
Ethereum Price Remains Bullish
Ethereum price prediction is largely bullish after the Ethereum Hard fork went live. Note that Ethereum is currently fighting resistance at $2,800 level. Note that a daily closure above this level will validate the bullish thesis and steer ETH on a clear path towards $3,000.
Ethereum Price Daily Chart
Crypto signals such as the position of the MACD above the signal line in the positive region, the positive parabolic SAR and the position of the RSI in the oversold region adds credence to this bullish thesis.
Moreover, the In/Out of the Money Around Price (IOMAP) metrics by IntoTheBlock show that ETH faces little resistance upwards. Immediate resistance is lies within the $2,785 and $2,867 range where only 93,000 addresses previously bought only 451,000 ETH. The support is on the downside is very robust.
On the flip side, if the London Hard Fork enthusiasm does not push ETH above 28,000, ETH might fall towards the 100-SMA at $2,555 and the 200-SMA at $2,200.
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Nancy Lubale
