There is already a defined block in which the Ethereum hard fork will occur, with which the London update will be released.
The long-awaited event aims to launch the EIP (Ethereum Improvement Proposals) proposals, and according to the Ethereum organization, they will be online from block 12,965,000, which is estimated to occur between August 3 and 5.
The EIP improvements are intended to be a solution to the high network rates, which, although they have decreased considerably as the volatility in the market disappears, they still remain quite high.
According to data from BitInfoCharts, today the average cost to carry out a transaction on the Ethereum network is $ 5.21.
Without a doubt, improving the network would generate greater positivism around the project, and consequently a rebound in its price.
However, it seems that there are not yet too convinced buyers. But could those positive participants be here soon? Find out below.
Ethereum technical analysis before the hard fork occurs
Currently the weekly chart does not look very good in the short term, due to the continued lower recent lows.
Despite this, a dominant bullish force still prevails, leaving many to hope that the bull run is not over.
In addition, we have seen a strong pushback for low prices. And today the price is visiting an important support level where we previously saw strong buying pressure twice.
So far we do not see that this level of demand will defend the price. But there is still time for that to happen.
Right now it is a bit more likely to lose this support, which will take us to the next one at $ 1,536. Lower next is at $ 1,348.
Thinking about selling Ethereum is still a bit risky, as in addition to the strong dominant bullish force, the upcoming hard fork could generate positivity sooner rather than later.
To observe a bullish resumption, immediate resistance at $ 2,322 must be broken. This scenario could open the way to important purchases, even capable of taking us to new all-time highs.
Short-term key levels
Today we see how the support at $ 1,728 is visited, and buying pressure quickly appears.
At the very least, it looks like we’ll be seeing a short-term recovery from where Ethereum is currently.
It will depend on the strength of the rally whether it will be a small respite before falling further, or the start of major gains.
To think that the rally will be relevant, the resistance at $ 1,989 must be crossed. This would open the way to a minimum of $ 2,196. But it will not be until over $ 2,300 approximately, when the major trend is resumed.
If the rally that we will most likely be seeing in the next few hours does not have much force, then losing $ 1,728 will be the most likely, opening the way to a fall to a low of $ 1,577.
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