There is already a defined block in which the hard fork of Ethereum will occur, with which the London update will be released.
The expected event aims to put the EIP (Ethereum Improvement Proposals) proposals into the arena, and according to the Ethereum organization, they will be online from block 12,965,000, which is estimated to occur between August 3 and 5.
The EIP improvements are intended to be a solution to the high network fees, which, although they have decreased considerably as volatility in the market disappears, are still quite high.
According to data from BitInfoCharts, today the average cost for conducting a transaction on the Ethereum network is $5.21.
Without a doubt, improving the network would generate greater positivity around the project, and consequently an upturn in the price of it.
However, it seems that there are still no buyers too convinced. But could those positive participants arrive soon?, find out below.
Ethereum technical analysis before the hard fork occurs
Currently the weekly chart does not paint a very good picture in the short term, due to the recent continuous lower lows.
Despite this, a dominant bullish force still prevails, which causes many to keep hoping that the bull run has not ended.
In addition, we have seen a strong rejection of low prices. And today precisely the price is visiting an important level of support where previously we saw 2 times a strong buying pressure.
So far we do not see that this level of demand will defend the price. But there is still time for that to happen.
Right now it is a little more likely to lose this support, which will take us to the next one at $1,536. Further down the next one is at $1,348.
Thinking about Ethereum sales is still a bit risky, as in addition to the large dominant bullish force, the coming hard fork could generate positivism sooner rather than later.
To observe a bullish resumption, the immediate resistance at $2,322 must be traversed. This scenario could open the way to important purchases, even capable of taking us to new historical highs.
Short-term key levels
Today we see how support is visited at $1,728, and quickly buying pressure appears.
At a minimum, it seems that we will be seeing a short-term recovery from the point where Ethereum is currently.
It will depend on the strength of the rally whether it will be a small respite before continuing to fall, or the beginning of significant gains.
To think that the rebound will be relevant, the resistance at $ 1,989 must be crossed. This would make way for at least $2,196. But it will not be until it exceeds approximately $2,300, when the major trend is resumed.
If the upswing that we will most likely be seeing in the next few hours is not strong, then losing $1,728 will most likely be, making way for a drop to a low of $1,577.
All our publications are informative, so in no case should they be followed as investment advice.
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