The Ethereum price is rising as investors start focusing on the upcoming London hard fork. The coin rose by more than 6.6% to $2,342. This brings its total market value to more than $261 billion, making it the second-biggest cryptocurrency in the world.
Ethereum news. ETH rose to a two-week high on Monday as investors continued to focus on the upcoming hard fork. It then pared back some of those gains and dropped to $2,160.
The biggest catalyst for the coin is the highly anticipated Ethereum improvement proposal 1,559 that was launched as a testnet on June 24. Its mainnet will be implemented later this month. One of the most important features of the fork are the migration to a proof-of-stake consensus. Also, the update will have a scarcity feature that will make the amount of Ether in circulation a bit rarer.
Further, Ethereum is rising after a recent report said that Ether wallets have passed those of Bitcoin. This is a sign that the network is seeing more demand from both retail and institutional investors. Additionally, the coin is rising because Bitcoin has managed to stabilize above the $53,000 level.
The four-hour chart shows that the ETH price has risen by more than 38% from its lowest level in June this year. Along the way, the coin has formed an inverse head and shoulders pattern that is usually a bullish signal. It has also moved to the 23.6% Fibonacci retracement level and above the 25-day and 50-day exponential moving averages (EMA).
Therefore, I suspect that the coin’s price will keep rising as bulls target the next key resistance level at $2,725, which is along the 38.2% Fibonacci retracement level. On the flip side, a move below the support at $2,000 will invalidate this prediction.
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