Ethereum Technical Analysis: Bulls Back With A Vengeance Following London Hard Fork

Daily Ethereum ETH Price Analysis

Last Updated August 6th 2021
1 Min Read
  • Ethereum price aims to take down the $3,000 psychological level.
  • ETH had 15 bullish days out of the last 16.

The Ethereum London Fork is now finally live!

As expected, the hype around this update is real. Over the last two days, Ethereum price jumped up from $2,500 to $2,800. Previously, ETH fell from $2,325 to $1,775 between July 7 and July 20 and flipped the 20-day and 200-day SMAs from support to resistance. It also reversed the parabolic SAR from positive to negative. 

Ethereum Price Jumps By $300 Over Last Two Days

Looking at the Ethereum price daily chart, we can see that ETH has had 15 bullish sessions out of the last 16 since July 21. During this climb, Ethereum jumped from $1,775 to $2,800 - gaining more than $1,000 in its valuation. Plus, the buyers managed to flip the 20-day, 50-day, and 200-day SMAs from resistance to support. Along with that both the MACD and Parabolic SAR were reversed from negative to positive.

Image: ETH/USD daily

ETH/USD daily chart 080621

Looking at IntoTheBlock’s IOMAP, the Ethereum price faces immediate resistance at $3,000. Previously, at this level, almost 87,750 addresses had purchased almost 280,000 ETH tokens.

ETH/USD volume chart 080621

Ethereum Price On-Chain Analysis – Santiment

ETH/USD santiment chart 080621

"#Ethereum's surge above $2,700 for the first time in 2 months has caused some signs of crowd euphoria, according to our data. We've seen social volume play a great role in terms of big spikes recently leading to tops, and valleys leading to bottoms."

ETH/USD santiment chart 080221

"#Ethereum hit a 2-month high today of ~$2,840, and this largely appears to be attributed to the #LondonHardFork. Read about what our consensus is for future price movement based on $ETH's rising social dominance and other key @santimentfeed metrics."

Ethereum Price Is Expected To Reach These Levels

The Ethereum price is targeting to take down the $3,000 resistance level. A break above that will take ETH to $3,350.

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