EthereumPanjang
ETH price likely to rise ahead of EIP 1559 on Aug 4
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Ethereum is getting an upgrade known as EIP 1559, which goes into effect August 4.
reuters.com/technology/major-ethereum-upgrade-set-alter-supply-fix-transaction-fees-2021-07-30/
The upgrade does three things:
1) It increases block size
2) It stabilizes miner fees
3) It burns a portion of each miner fee to limit supply
The upgrade is widely expected to make Ethereum-based DeFi more attractive to investors. I'm thinking $2750 - 2850 is a likely target range on upgrade news.
reuters.com/technology/major-ethereum-upgrade-set-alter-supply-fix-transaction-fees-2021-07-30/
The upgrade does three things:
1) It increases block size
2) It stabilizes miner fees
3) It burns a portion of each miner fee to limit supply
The upgrade is widely expected to make Ethereum-based DeFi more attractive to investors. I'm thinking $2750 - 2850 is a likely target range on upgrade news.
Nota
In classic "buy the rumor, sell the news" fashion, ETH climbed through August 2 and is selling off today. I'm thinking maybe retrace to 2350, then bounce.Nota
Resistance in 2850-2950 area. Expect at least a short-term pullback from that area.Nota
This climb has truly been incredible to watch.
Penafian
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