Elon Musks’ revelation that he holds Ethereum gave it the much-needed nudge to break above the $2000 psychological level, Since then ETH has been trading in green. However, ETH should now hold up well to continue the uptrend or a sideways action will bloom again.
ETH has been trading in the $2,007.48 – $2,156.63 range, After opening the day at $2039 it has continued to rise and is trading at $2152 up by 4.1% in the last 24 hours. The weekly trend also looks good as it has risen 14.9% in the last 7 days.
Popular Analyst and trader Rekt Capital has charted key levels for ETH to hold over the weekend. According to him, ETH should have a weekly candle close above $2058 to reclaim its multi-month higher low.
While this is for the short term, making a long-term ultra bullish case for ETH is analyst Crypto Wolf on Twitter. The analyst says ETH will hit $4k in the next 6 months. When this scenario plays out ETH hitting $10K will be an obvious possibility.
London Hardfork to be delayed?
The much-awaited deployment of London Hardfork which was scheduled for Aug 4 can now be tentatively postponed. According to the ETH2 developers, the team will consider the optimal solution for network security, and any delay in the hard fork will be due to security concerns.
Prior to the London hard fork, the ETH2 developer team addressed the concerns of miners and traders. The team discovered and addressed a flaw in the code. However, if there are any more security issues, the hard fork may be postponed.
On the next AllCoreDevs call, the developers will debate the best technique for securing the Ethereum network.
With a possibility of delay in London Hardfork, ETH could fall short of a strong catalyst to uphold its price action. Hence, it is to be watched out for how ETH performs alongside the support of the broader crypto market.