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Ethereum Price Analysis: Launch of the Ether London Hard Fork May Push Prices up to $4,500

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  • The Ether London hard fork will be launched on August 5th. 
  • EIP-1559 is mainly designed to reduce the current exploitative natural gas fees.
  • The long-awaited and much-hyped Ethereum London hard fork is about to make its debut.
Source: ETH/USD on TradingView

With the solid fundamental news of Ether London hard fork launch, The weekly technical chart of Ether price actions displays an uptrend. According to the pivot levels, the primary support level is $1700. On the other side, if it rushes up, the resistance level to follow is $4500. Although the chart forms a Bullish Harami candlestick pattern within the day, it is predicted that the price may rise upwards with medium reliability.

The Zig-Zag framed a top of $4380 on May 12th. After that, investors can notice a massive correction of 60%, all the way low to $1700. Now price levels are back around the range of $2500 this week. 

The volume of (39.55K) is above the MA of 20-days (28.50K). As a result, buying pressure is high in ETH, causing its price to rise above the resistance zone. Investors may also mark that the volume bars on the chart are declining, which intimates that notable volatility is expected in the upcoming trading session. 

The CCI indicator gave a (bullish) signal with 71, projecting a buy signal in the coin. Investors may observe an inclining slope from -36 to 71. It may surge in future trading sessions.

The Expected Impact of The Ether London Hard Fork After Its Launch in August

Source: Ethernodes.org

According to Ethernodes.org, there are only three days before the update countdown at the time of writing. This update will completely change the world’s largest smart contract platform and ecosystem and release on August 5th. 

However, it also sets the pace for the full implementation of Ethereum 2.0. Prominent industry leaders believe that this update is what Ethereum needs to remain competitive in the rapidly changing field of innovation. Bitcoin is the largest store of value. 

Considering that the development space of smart contracts continues to expand, analysts regard Ether as the asset with the highest practical use potential. In his opinion, Bitcoin is indeed the flagship of the cryptocurrency industry, but it has been lost in the actual use cases of Ethereum. 

Therefore, the correction of the current price level is very likely so that the Ethereum price may retest the support of $2,000 and $1,700 before the recovery. Upward trend. However, as the Ethereum London hard fork approaches, the downtrend may be suspended, causing the current uptrend to extend to a historic high of $4,500

Resistance: $4500

Support: $1700

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