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.
Note
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.Note
Resistance in 2850-2950 area. Expect at least a short-term pullback from that area.Note
This climb has truly been incredible to watch.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.