The media momentum around Ethereum and its promotion increased, which in turn was reflected in the coin’s price, which rose impressively from the $2400 level to nearly $2700.
At the time of writing, Ethereum is trading at $2,686, with bulls fighting a fierce battle for gains heading towards $3000.
Most of the short term technical indicators have turned bullish, indicating that buyers have the upper hand at the moment.
It is believed that the recent rally from $2400 was caused by the traders’ desire to precede the programmed upgrade and take advantage of the possible rally afterwards.
Launching the Ethereum Upgrade:
The much-anticipated upgrade has only 4 hours and a few minutes left from the date of this article’s publication, according to ethernodes .
The upgrade is supposed to happen on block 12,965,000.
Node operators in the Ethereum blockchain are preparing for an upgrade, and Ethernodes confirms that 75% of these nodes are ready.
The London fork is essentially necessary to implement the EIP-1559 protocol and is one of the five proposals that the upgrade will bring to the Ethereum network.
“EIP-1559” aims to reduce gas charges which were too prohibitive to work on the basic fee mechanism.
Users will no longer need to pay more to prioritize their transactions.
Additionally, the collected fees will be sent to a non-refundable wallet, where they are burned.
Ethereum price pool takes a breather:
After rallying in areas close to $2,800, Ethereum retreated to a level close to $2,700.
The buyers are mainly focused on raising Ethereum above the $2800 level.
Perhaps at this level, huge buy orders will be triggered to support the price action above the $3000 level.
Buyers should also establish higher support, preferably at $2,700, which would allow them to comfortably carry out the task towards $3,000.
Today’s Ethereum Levels:
Spot price: $2,670
Support: $2600 and $2400
Resistance: $2800 and $3000