Ethereum

All eyes today are on Ethereum as the long-awaited EIP-1559 launches for the first time. The supply-focused update could result in a the start of a spectacular show that could last another several months. A fractal has potentially appeared that mimics the price action just ahead of the most recent explosive Ether rally, which took the top altcoin by market cap from below $1,000 to more than $4,000 at the peak. And it all is happening as the London hard fork is implemented into the most important blockchain in the space. What Is EIP-1559 And Why Does It Matter? Today, Ethereum Improvement Protocol 1559 will be set live as part of the London hard fork. The upgrade will help to normalize ETH gas fees that during the peak NFT and DeFi boom of 2021, sent costs skyrocketing. Base fees will be algorithmically determined by the network, however, the user can also increase the fee to in essence “tip” a validator. To prevent validators from artificially flooding the network to keep fees high, validators don’t get this base fee, instead it is burned. By destroying coins and taking them out of the circulating supply, investors believe this can further impact the ongoing “supply shock” or lack of ETH reserves on exchanges currently. In addition to this new EIP-1559 upgrade that could impact supply, it is part of a greater Ethereum 2.0 update. More than 5% of the entire supply is now locked up in the ETH 2.0 smart contract, in addition to the massive amount of tokens tied up in DeFi protocols. With so few ETH to go around, the supply shock could be very real and it arrives at the same time that a potential fractal is appearing on the ETHUSD price chart. Does an Ether fractal point to another parabolic rally? | Source: ETHUSD on TradingView.com Supply Shock Ethereum Fractal Fits Blueprint To Substantial Highs Ethereum was among the cryptocurrencies hit the hardest from the historic Q2 selloff. From the exact peak to the low, the second largest coin in the space by market cap plummeted by 61.8%. Related Reading | The Ominous Ethereum Comparison That Will Leave Bulls Petrified The peak was followed by two consecutive bumps, followed by a break of downtrend resistance. Zooming out, shows that the same exact pattern formed just ahead of the cryptocurrency’s more than 1,000% rally. Taking the price action on the way up and juxtaposing it over the recent consolidation, and there’s a very similar trajectory potentially forming. Could the EIP-1559 upgrade cause an extended fifth wave? | Source: ETHUSD on TradingView.com Zooming out further, the entire structure fits and five-wave bullish impulse according to Elliott Wave Theory. Even the math adds up. Waves 1, 3, and 5 move up with the primary trend, while even numbers 2 and 4 are corrective phases. Related Reading | Fundamentals Suggest Cryptocurrency Is Massively Undervalued Waves 2 and 4 tend to swap in severity, with wave 2 this time falling under the weaker of the two. The top altcoin only then suffered a 38.2% drop – another Fibonacci retracement level. Wave 4 reached the full 61.8% in severity, and if the bottom is in, a whopping wave five could be next. Wave 1 resulted in 450% returns, and wave 3 added another 1300% to boot. An extended wave 5 could yield dramatic results. Is this what is to come next for Ethereum and could it be due to the EIP-1559 upgrade? Potential last leg up in #Ethereum looks almost too easy to spot. Is this time really different? https://t.co/V0q2ied5aU pic.twitter.com/rDyJ6uscDB — Tony “The Bull” Spilotro (@tonyspilotroBTC) August 5, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Ethereum outperformed bitcoin and rallied above the $2,550 resistance against the US Dollar. ETH price tested $2,700 and it is now correcting gains. Ethereum rallied towards the $2,700 level before it started a downside correction. The price is still trading above $2,500 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to start a fresh increase from $2,500 or $2,450 in the near term. Ethereum Price is Correcting Gains Ethereum formed a support base above $2,400 and started a fresh increase, outpacing bitcoin. ETH price gained strength and it broke the main $2,500 and $2,550 resistance levels. The price even surged above the $2,600 level and the 100 hourly simple moving average. It opened the doors for more gains and the price traded as high as $2,700 level. It is now correcting gains from the $2,700 resistance zone. There was a break below the $2,620 and $2,600 support level. A low is formed near $2,508 and the price is now consolidating. Ether is testing the 23.6% Fib retracement level of the recent decline from the $2,700 swing high to $2,508 high. There is also a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD. On the upside, the first key resistance is near the $2,600 level. It is near the 50% Fib retracement level of the recent decline from the $2,700 swing high to $2,508 high. Source: ETHUSD on TradingView.com The main resistance is now forming near the $2,630 level. A clear break and close above $2,630 might start another steady increase. In the stated case, the price could easily rise towards the $2,700 level. The next key resistance is near the $2,780 level, above which the price might test $2,880 in the near term. More Gains in ETH? If ethereum fails to continue higher above $2,600, it could extend its decline. An immediate support on the downside is near the $2,510 level. The first major support is near the $2,500 and $2,480 levels. The next key support is near the $2,450 level and the 100 hourly simple moving average. A clear downside break below the $2,450 support zone could lead the price towards the $2,320 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone. Hourly RSI – The RSI for ETH/USD is now close to the 50 level. Major Support Level – $2,500 Major Resistance Level – $2,630

Ethereum is up over 5% and it broke the $2,400 resistance against the US Dollar. ETH price outpaced bitcoin and it seems like there are chances of more gains above $2,450. Ethereum started a fresh increase and it managed to surpass the $2,320 resistance zone. The price is now trading well above $2,300 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct lower, but the bulls are likely to remain active near $2,390 and $2,350. Ethereum Price is Gaining Pace Ethereum formed a support base above $2,250 and started a fresh increase, outpacing bitcoin. ETH price gained strength and it broke the main $2,300 and $2,320 resistance levels. The price even surged above the $2,400 level and the 100 hourly simple moving average. It opened the doors for more gains and the price traded as high as $2,450 level. It is now correcting gains from the $2,450 resistance zone. Ether is approaching the 23.6% Fib retracement level of the upward wave from the $2,303 swing low to $2,451 high. The first major support is near the $2,390 and $2,380 levels. It is near the 50% Fib retracement level of the upward wave from the $2,303 swing low to $2,451 high. There is also a major bullish trend line forming with support near $2,340 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next key support is near the $2,280 level and the 100 hourly simple moving average. A clear downside break below the $2,280 support zone could lead the price towards the $2,200 support. More Gains in ETH? If ethereum remains stable $2,340, it could continue to rise in the near term. An immediate resistance on the upside is near the $2,450 level. A clear break and close above $2,450 might start another steady increase. In the stated case, the price could easily rise towards the $2,500 level. The next key resistance is near the $2,550 level, above which the price might test $2,680 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now correcting lower from the overbought zone. Major Support Level – $2,340 Major Resistance Level – $2,450

Ethereum started an upside correction above the $1,850 resistance against the US Dollar. ETH price is likely to continue higher if there is a close above the $2,000 resistance. Ethereum started a decent upward move above the $1,850 and $1,950 resistance levels. The price is now trading well above $1,900 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,960 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to rise further if there is a proper close above the $2,000 resistance zone. Ethereum Price Starts Decent Increase Ethereum formed a decent support base above the $1,720 level, similar to bitcoin. As a result, ETH price started a steady increase above the $1,800 and $1,850 resistance levels. There was also a close above the $1,900 level and the 100 hourly simple moving average. Ether price even spiked above the $2,000 resistance, but there was no proper close. A high was formed near $2,033 and the price is now correcting gains. There was a break below the $2,000 level. It even tested the 23.6% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high. Source: ETHUSD on TradingView.com On the upside, an initial resistance is near the $2,000 level. To move further into a positive zone, the price must settle above the $2,000 and $2,020 resistance levels. The next major barrier for the bulls could be near the $2,050 level, followed by $2,100. Any more gains might call for a test of $2,200. Dips Limited in ETH? If Ethereum fails to continue higher above $2,000 and $2,020, it could start a downside correction. An initial support on the downside is near the $1,970 level. The first major support is near the $1,920 level. The main support is now forming near the $1,900 level. It is close to the 50% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high. Any more losses could set the pace for a drop towards the $1,850 support zone in the near term. The next major support sits near the $1,800 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 60 level. Major Support Level – $1,900 Major Resistance Level – $2,000

Ethereum started an upside correction from the $1,720 zone against the US Dollar. ETH price could correct further higher, but upsides might be capped near $1,850. Ethereum formed a base above the $1,720 support zone before starting an upside correction. The price is still trading well below the $1,850 resistance and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $1,790 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to rise further towards the $1,850 resistance zone and the 100 hourly SMA. Ethereum Price Correcting Losses Ethereum remained in a bearish zone and it extended its decline below $1,800, similar to bitcoin. ETH price broke the $1,780 support and it settled well below the 100 hourly simple moving average. The price traded as low as $1,718 and it seems to be forming a base above the $1,720. Ether is now correcting gains and it is trading above the $1,750 level. There was a break above the 50% Fib retracement level of the key decline from the $1,832 swing high to $1,718 low. There was also a break above a key bearish trend line with resistance near $1,790 on the hourly chart of ETH/USD. The pair is now trading above the 61.8% Fib retracement level of the key decline from the $1,832 swing high to $1,718 low. Source: ETHUSD on TradingView.com The price is now facing resistance near the $1,810 level. The main resistance is now forming near the $1,850 level and the 100 hourly SMA. To move into a positive zone, the price must climb above the $1,830 and $1,850 resistance levels. Fresh Decline in ETH? If Ethereum fails to recover above $1,820 and $1,850, it could continue to move down. An initial support on the downside is near the $1,775 level. The first major support is near the $1,750 level. The main support is now forming near the $1,720 level. Any more losses could set the pace for a drop towards the $1,650 support zone in the near term. The next major support sits near the $1,600 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,750 Major Resistance Level – $1,850

Ethereum restarted its decline after it failed to stay above $2,000 against the US Dollar. ETH price is holding the $1,880 support, but it must clear $2,000 for a decent increase. Ethereum started a fresh decline and it once again tested the $1,880 support zone. The price is still trading well below the $2,000 resistance and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if it clears the $1,965 and $2,000 resistance levels. Ethereum Price Settles Below $2K After a failed attempt to settle above $2,000, ethereum extended its decline, similar to bitcoin. ETH price broke the $1,920 support and it settled well below the 100 hourly simple moving average. However, the price stayed above the $1,880 support. A low was formed near $1,861 and the price recently started an upside correction. There was a break above the $1,920 and $1,925 resistance levels. Ether climbed above the 23.6% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. It is now facing resistance near the $1,950 zone. There is also a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. The next major resistance is near the $2,000 zone and the 100 hourly simple moving average. If ether breaks the trend line and then settles above $2,050, there could be a steady increase. The next major resistance is near the $2,050 level. Fresh Decline in ETH? If Ethereum fails to recover above $1,955 and $2,050, it could continue to move down. An initial support on the downside is near the $1,920 level. The first major support is near the $1,880 level. If ether fails to stay above the $1,880 support, it could decline towards the $1,865 support. Any more losses could set the pace for a drop towards the $1,750 support zone in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now back above the 50 level. Major Support Level – $1,880 Major Resistance Level – $2,000

Ethereum is down 5% and it is struggling to stay above $2,000 against the US Dollar. ETH price could decline sharply if there is a break and close below $2,000. Ethereum is showing bearish signs below the $2,050 and $2,100 levels. The price is now trading well below the $2,100 resistance and the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $2,110 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,000 support to avoid a major decline in the near term. Ethereum Price Remains At Risk There was a fresh decline in ethereum from the $2,175 resistance zone, similar to bitcoin. ETH broke many supports near $2,100 and the 100 hourly simple moving average to move into a bearish zone. There was also a break below a key contracting triangle with support near $2,110 on the hourly chart of ETH/USD. The pair traded below the $2,050 support and it tested the $2,000 support. A low is formed near $2,009 and the price is now consolidating losses. An immediate resistance on the upside is near the $2,050 zone. It is near the 23.6% Fib retracement level of the recent dive from the $2,175 high to $2,009 low. Source: ETHUSD on TradingView.com The first key resistance is near the $2,090 and $2,100 levels. The 50% Fib retracement level of the recent dive from the $2,175 high to $2,009 low is also near $2,090. A close above $2,100 might start a decent recovery wave in the near term. The next major resistance is near the $2,175 level. More Losses in ETH? If Ethereum fails to recover above $2,050 or $2,100, it could continue to move down. An initial support on the downside is near the $2,010 level. The first major support is near the $2,000 level. If ether bulls fail to defend the $2,010 and $2,000 support levels, there are chances of a sharp decline. In the stated case, ether bears might aim a test of the $1,850 support level. An intermediate support could be near $1,920. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is well below the 50 level. Major Support Level – $2,000 Major Resistance Level – $2,100

Ethereum extended its decline below the $2,200 support zone against the US Dollar. ETH price is showing bearish signs and it might dive further towards $2,000. Ethereum is down over 10% and it even spiked below the $2,100 support zone. The price is now trading below the $2,200 support and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,200 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct higher, but sellers are likely to remain active near the $2,200 zone. Ethereum Price Extends Losses There was no major recovery in ethereum above the $2,300 level. ETH remained in a bearish zone and it broke the main $2,200 support zone to move further into a bearish zone, similar to bitcoin. The price even declined below the $2,150 support and it settled below the 100 hourly simple moving average. There was a spike below $2,100 and the price tested $2,050. A low is formed near $2,049 and the price is now correcting losses. It climbed above the $2,100 resistance. There was a break above the 23.6% Fib retracement level of the recent decline from the $2,406 swing high to $2,049 low. It is now testing a connecting bearish trend line with resistance near $2,150 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com An immediate support is near the $2,100 level. The first key support is near the $2,050 level. The main support is now near the $2,000 zone. If there is a downside break below the $2,000 support zone, there is a risk of a sharp decline. The next major support is near the $1,850 level. Upsides Limited in ETH? If Ethereum stays above the $2,050 support, it could correct higher in the near term. An initial resistance is near the $2,150 level. The first key resistance could be $2,180. The next major resistance is near the $2,200 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $2,200 on the same chart. Any more gains could lead the price towards the $2,300 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently near the 50 level. Major Support Level – $2,050 Major Resistance Level – $2,200

Ethereum failed to stay above $2,100 and it is now moving lower against the US Dollar. ETH price is likely to continue lower and it could even break $2,000. Ethereum started a fresh decline from well above the $2,200 support zone. The price is now trading below $2,100 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $2,100 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline heavily if there is a break below the $2,000 support zone in the near term. Ethereum Price Is Gaining Bearish Pace After struggling to stay above $2,250, ethereum started a fresh decline. ETH broke the $2,200 and $2,150 support levels to move into a short-term bearish zone. The price gained pace below the $2,150 level and it even broke $2,120. There was a break below the 23.6% Fib retracement level of the upward move from the $1,718 swing low to $2,289 high. There was also a break below a major bullish trend line with support near $2,100 on the hourly chart of ETH/USD. The pair is now trading below $2,100 and the 100 hourly simple moving average. An immediate support on the downside is near the $2,050 level. The first major support is near the $2,000 level. Source: ETHUSD on TradingView.com The 50% Fib retracement level of the upward move from the $1,718 swing low to $2,289 high is near the $2,000 level. If there is a clear break below $2,000, the price could decline heavily. In the stated case, the price could dive towards the $1,850 level. The next major support on the downside is near the $1,700 level. Fresh Increase in ETH? If Ethereum stays above the $2,050 support zone or $2,000, it could start a fresh increase. An immediate resistance on the upside is near the $2,120 level and the 100 hourly SMA. The main breakout resistance is now forming near the $2,150 and $2,160 levels. A close above the $2,160 level could start a major increase towards the $2,250 level or even $2,320 in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is currently below the 50 level. Major Support Level – $2,000 Major Resistance Level – $2,150

Ethereum is trading in a positive zone above the $2,150 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,300. Ethereum is trading in a positive zone above the $2,100 and $2,150 support levels. The price is now trading above $2,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair start a fresh rally above $2,300 as long as it is above the $2,000 support zone. Ethereum Price Is Showing Positive Signs After forming a base above $2,000, ethereum started a steady increase. ETH broke the $2,200 resistance zone and it settled nicely above the 100 hourly simple moving average. The price even spiked above the $2,250 resistance level. However, the price seems to be struggling to gain pace above $2,250, similar to bitcoin. A high is formed near $2,285 and ether is now correcting lower. There was a break below the $2,250 and $2,240 levels. The price is now testing the 50% Fib retracement level of the upward move from the $2,094 swing low to $2,285 high. The next major support is near the $2,165 level. Source: ETHUSD on TradingView.com There is also a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD. The trend line is close to the 76.4% key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD. Any more losses might call for a test of the second trend line at $2,070. More Upsides in ETH? If Ethereum stays above the $2,150 support zone, there are high chances of a fresh increase. An immediate resistance on the upside is near the $2,250 level. The main breakout resistance is now forming near the $2,285 and $2,300 levels. A close above the $2,300 level could start a major increase towards the $2,500 level or even $2,550 in the near term Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently above the 50 level. Major Support Level – $2,150 Major Resistance Level – $2,300

Ethereum is still struggling to gain pace above $2,000 against the US Dollar. ETH price is still below the 100 hourly SMA, while bitcoin surpassed $35,000. Ethereum is still struggling to clear the $2,050 and $2,060 resistance levels. The price is trading near the $2,000 barrier and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear $2,000 and $2,050 to start a strong upward move in the near term. Ethereum Price is Facing Resistance Ethereum remained strong above the $1,850 level and it moved higher. More importantly, bitcoin bulls cleared the 100 hourly SMA, opening the doors for a move above $35,000. However, ETH price is still facing resistance near the 100 hourly SMA and the $2,000 zone. There was a break above the 50% Fib retracement level of the of the main decline from the $2,283 swing high to $1,700 low. There was also a break above a key bearish trend line with resistance near $1,950 on the hourly chart of ETH/USD. The pair is now consolidating near the $2,000 zone. The next major resistance is near the $2,050 level. It is close to the 61.8% Fib retracement level of the of the main decline from the $2,283 swing high to $1,700 low. Source: ETHUSD on TradingView.com A clear upside break above the $2,000 level and then $2,050 could open the doors for more upsides. The next key resistance is near the $2,150 zone. Any more gains could set the pace for a move towards the $2,300 level. An intermediate resistance could be near the $2,250 level. Fresh Decline in ETH? If Ethereum fails to clear the $2,000 and $2,050 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,900 level. The first major support is now forming near the $1,850 level. A downside break below the $1,850 zone could lead the price further lower. In the stated case, the price could move down further towards the $1,700 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is struggling to gain pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is currently near the 50 level. Major Support Level – $1,850 Major Resistance Level – $2,050

Ethereum dived towards the $1,700 level before it started a strong recovery against the US Dollar. ETH price is back above $2,000, but it is likely to face hurdles near $2,060. Ethereum extended its decline below $1,800 before it started a steady recovery. The price is still trading below $2,100 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to face a strong resistance near the $2,060 and $2,100 levels in the near term. Ethereum Price Recovers Losses Ethereum extended its decline below the $1,850 support, like bitcoin. ETH even traded below the $1,800 and $1,750 support levels to move further into a bearish zone. The price tested the $1,700 level before it started a decent recovery wave. Ether climbed higher nicely above the $1,880 and $1,950 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the of the recent decline from the $2,280 swing high to $1,703 low. Moreover, there was a break above a short-term bearish trend line with resistance near $1,940 on the hourly chart of ETH/USD. The pair is still trading below $2,100 and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com The 61.8% Fib retracement level of the of the recent decline from the $2,280 swing high to $1,703 low is also near the $2,060 zone. The main resistance is now forming near the $2,150 level. There is also another major bearish trend line forming with resistance near $2,140 on the same chart. To move into a positive zone, ether price must clear the $2,060 and $2,150 levels in the near term. Fresh Drop in ETH? If Ethereum fails to clear the $2,060 and $2,150 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,940 level. The first major support is now forming near the $1,900 level and the broken trend line. The main breakdown support is now forming near the $1,840 level. A downside break below the $1,840 could start a fresh slide towards the $1,700 zone in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is now moving in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently rising towards the 60 level. Major Support Level – $1,940 Major Resistance Level – $2,060