- The latest upgrade in the network of Ethereum started attracting major institutional buyers.
- Ethereum’s immediate resistance stays at the $3,202 level along with support at $3,050.
- Forex trading market participants should look for a buy-stop above the $3,225 level.
A day before, the ETH/USD closed at $3013.69 after placing a high of $3188.54 and a low of $2950.07. It reversed its course on Sunday and dropped after rising continuously for four consecutive sessions. On Monday, the Ethereum price prediction remains bullish, especially above the $3,070 support level.
The ETH/USD prices reached $3,185, the highest since mid of May on Sunday during early trading hours. The environment surrounding the cryptocurrency improved in the market and supported the ETH/USD prices. However, the higher prices triggered short-selling to earn profits, and the cryptocurrency reversed its course.
London Hard Fork Upgrade Underpinning Ethereum’s Demand
After the launch of its new upgrade, London Hard Fork, the Ethereum was surging higher daily. It’s because the traders started investing in the second-largest cryptocurrency by market cap. The latest upgrade in the network of Ethereum started attracting major institutional buyers. Therefore, the ETH/USD rose above the $3000 level for the first time in almost three months over the weekend.
The new update was getting much publicity as the new design is set to make the Ethereum network more efficient with a set to make fees more predictable. The developers will quickly decide what they will need to pay when engaged in new projects and transactions.
The significant change that the London upgrade will bring in the Ethereum network will be shifting from proof-of-work consensus to proof-of-stake consensus. This change will potentially make the network faster and more environmentally friendly. This new upgrade has kept ETH/USD higher onboard; however, after the prices reached above $3100 on Sunday, some investors booked profits that dragged ETH/USD lower for the day.
US Job Data Places Slight Pressures Ethereum
On the other hand, the cryptocurrency ETH/USD was also under pressure as the US dollar was high on board after the release of better-than-expected NFP data. The highly awaited jobs data showed that the country created about 943K jobs in July. Thus, pushing the greenback higher, weighing on the ETH/USD prices as both negatively correlate.
Ethereum Price Prediction – Daily Technical Levels
Support Resistance
2913.00 3151.47
2812.30 3289.24
2674.53 3389.94
Pivot Point: 3050.77
Ethereum Price Prediction – Daily Technical Analysis: Upward Channel Support at 3,050
Ethereum price prediction remains bullish above the $3,050 level. The ETH/USD’s immediate resistance stays at the $3,202 level, and a bullish breakout of this level can extend buying trend until $3,374 and $36,900 level.
On the 4-hour chart, the ETH/USD pair has closed a bullish engulfing pattern above the support level of 2,901. The closing of bullish engulfing demonstrates a buying trend in Ethereum. The 50 days EMA (exponential moving average – red line) is supporting buying trend in Ethereum. Therefore, the bullish bias is likely to dominate above the $3,050 level.
On the bearish side, the immediate support stays at the $3,050 level, which is extended by an upward channel. A bearish breakout of this can lead the pair towards 2,901.
The oscillator tools like Stochastic RSI are coming out of the oversold zone. It’s demonstrating weakness in selling bias and the potential dominance of bulls in the market. Therefore, we should look for a buying trade-in Ethereum today.
Hence, the Forex trading market participants should look for a buy-stop above the $3,225 level. The initial target remains at $3,375 and $3,465. All the best.
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