Ethereum price analysis: ETH/USD sets eyes on $2,900 after London hardfork The Ethereum price analysis for October 28, 2018: ETH/USD sets eyes on $2,900 after London hardfork Ethereum is trading with a slight gain against the US dollar and bitcoin. The price of ETH hit a local high of $1,473.09 against the US dollar, but later dipped back below $1,460.
Following the recent fork of the Ethereum blockchain, the development team has decided to stick to the original chain and continue using it, while the miners have decided to switch to the new chain. As a result, the new chain has become the most secure one and in the near future, the price of Ethereum will likely continue to rise.
Ethereum price analysis: ETH/USD sets eyes on $2,900 after London hardfork
TL;DR Summary
- After the London hard fork, significant impacts may be seen in the Ethereum price.
- Following the upgrade, the ETH/USD pair has gained approximately 4% and is experiencing churning.
- The ETH/USD exchange rate is about $2,740 at the time of writing.
The price of Ethereum has risen in the past 24 hours, with all technical indicators pointing to higher peaks.
Ethereum prices rose more than 8% on Thursday, erasing a 3.8 percent drop on Wednesday to finish at $2,724.71.
Ethereum began the day shakily, falling below the first major support level by mid-morning before embarking on a series of ups and downs that culminated in a late-morning recovery to highs of over 12%.
Ethereum has overcome the day’s strong resistance levels and is now trading at a higher price. More significantly, Ethereum surpassed the Fibonacci 38.2 percent barrier of $2,740 before retracing to $2,710. The Ethereum blockchain’s support has deteriorated as it has dropped through the third major resistance level at $2,716 and is currently worth little over $2,600.
Ethereum is gradually rising towards $2,900 on the 4-hour chart of ETH/USD.
TradingView’s Ethereum price chart
Ethereum rose from an early morning low of $2,710.87 to a high of $2,740.83 before sliding down to a low of $2,705.09 after a mixed start to the day.
According to Ethereum price research, Ethereum tested resistance at the 38.2 percent Fibonacci level at $2,740, but left key support and resistance levels intact.
Ethereum is now trading at $2,700 at the time of writing. The price has been mainly fluctuating, with mixed outcomes and no resistance levels tested by ETH. According to Ethereum price research, the market has to break through the 38.2 percent Fibonacci barrier to improve, but this will be difficult owing to the general drop in crypto mood.
In the case of another broad-based crypto surge, Ethereum may hit a few key milestones. The first significant milestone is resistance at $3,000; the next major milestone is support at $2,530, which would need a break through $2,651.
Near the $2,800 level, Ethereum meets resistance.
TradingView’s Ethereum price analysis
Ethereum should be able to stay above the $2,500 support level for the time being. According to Ethereum price research, a second significant support is located around $2,335.
Ethereum’s price has risen 14 out of the past 15 days, for a total return of 49.54 percent since March 5. It also showed that the cryptocurrency markets’ rise in response to Bitcoin’s downward trend isn’t a misleading signal. While this return isn’t as large as some of the previous increases in ETH’s history, it is still substantial, according to Ethereum price research.
Ethereum’s price had been rising so fast that it had surpassed a level it hadn’t seen since March, but it soon plummeted back down. Because of the alternating pattern on that chart, there is some resistance, which may indicate what will happen next.
If ETH’s breakout from the Cloud continues, Ethereum may retest $2,900 in the next days. This would be a 74 percent increase from its low price of $1,352 on July 20.
Conclusion of Ethereum price analysis: All eyes are on the performance of the London hard fork.
Staying above the moving average is critical to Ethereum’s future prosperity. If it fails to do so, it will have to rethink its optimistic narrative, perhaps increasing volatility. Instead of being crippled by market addiction for ETH, the London split has placed Ethereum in a position where it can thrive economically and technologically.
Ethereum price research indicates that it may not have done a good enough job of preserving its position when the market was most pessimistic, with ETH falling to an average of $2.390 at one time, putting ETH at danger again. Still, nothing is certain since other factors may cause Ethereum to climb again.
The Ethereum London hard fork went live on Thursday, and the price has increased by 4% in the first three days of usage. Despite some resistance from miners, the most important upgrade in the network’s history went smoothly. Without a doubt, the introduction of EIP-1559 will help pave the road for a $3,000 Ethereum price.
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The Ethereum community has been undergoing a number of changes this month, and a hardfork on the network has the potential to create price volatility. The mainnet upgrade was carried out on Monday, and the move has been met with some disagreement. Most ERC-20 token holders were expected to receive a small amount of ether in the form of an “Ethereum Improvement Proposal,” but the ETH-based cryptocurrency fell short of its target.. Read more about ethereum starting price and let us know what you think.
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