EIP 1559 Will be releasing around end of July/ Early August. Making ETH a deflationary asset.
The recent trend shows that there is a lot of buying pressure coming in preparation for this. Fork is being respected very nicely and we're breaking through past levels at good pace. Low volume could be a concern, but glass node statistics show that supply of Ethereum is leaving exchanges (supply is at lower levels than the start of this year!)
Fundamentals show that ETH is being locked away either for staking or through DeFi earning passive income. Very strong bullish signs.
A lot of the market is most likely bearish and unaware if this information and a lot of shorts should get stopped/liquidated taking us to 2700.
The recent trend shows that there is a lot of buying pressure coming in preparation for this. Fork is being respected very nicely and we're breaking through past levels at good pace. Low volume could be a concern, but glass node statistics show that supply of Ethereum is leaving exchanges (supply is at lower levels than the start of this year!)
Fundamentals show that ETH is being locked away either for staking or through DeFi earning passive income. Very strong bullish signs.
A lot of the market is most likely bearish and unaware if this information and a lot of shorts should get stopped/liquidated taking us to 2700.
Note
2700 Still the target.Looks like we're following Wyckoff Accumulation schematic #2 and currently entering the middle of phase B where we should see 2 attempts at breaking the monthly close at 2700.
If this plays out we should see a bit more accumulation until the end of July.
Still looking very bullish. EIP 1559 has been proposed to be released on August 4, 2021. The final date will be confirmed this Friday at the next Ethereum core developer meeting.
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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.