ETH/USD Price Prediction: Will ETH/USD Retest $1,720 Support Ahead of July Upgrade
3 min read- ETH/USD has been on an upward recovery correction following last week’s price crash below the $1450 support base.
- Ethereum’s network is also anticipating an upgrade dubbed EIP-1559. This follows a meeting among the blockchain’s core developers to upgrade the network this July.
- There is a clear pattern around the $1,550 support which is forming a bullish pattern. Further above the $1690 support base, are two key resistance levels of $1,700 and $1,720.
ETH/USD Price Prediction: General Price Overview
Ethereum is facing a strong uptrend as it attempts to break the $2,042 key resistance level. The 5-day chart indicates the leading altcoin has an intact defense mechanism against the 26-day Exponential Moving Average. Which for the past few months since Q1 2020, has been a major support barrier.
ETH has had a wonderful weekend after recovering from a $1450 bottom dip and hitting a daily high of $1595 on Saturday’s 24-hour chart. The digital asset opened today’s daily chart with an uptrend that has seen it hit a daily high of $1691.
The coin has been on an upward recovery correction following last week’s price crash below the $1450 support base. Looking at today’s daily chart, the 24-hour change is 6.49%, a net change of $105 and a low of $1514.
Ethereum’s network is also anticipating an upgrade dubbed EIP-1559. This follows a meeting among the blockchain’s core developers to upgrade the network this July. The past few months of this year have seen the Ethereum network plagued with congestion. As a result, network transaction fees have skyrocketed.
The developers aim to eliminate base fees, and dynamically adjust transactions’ fee structure. Usually, the network is in favor of the highest fee bids; but the upgrade will shift that to prioritizing the lowest bid. While miners remain unhappy and unsupportive of the move, traders anticipate the coin’s price to increase ahead of the upgrade.
ETH/USD Price Movement in the Past 24-Hours
(Source: Tradeview)
ETH/USD is currently trading at $1677. The curve is headed for $1720 support and has already cleared the 76.4% Fibonacci retracement level of the downtrend price correction of $1,444 to $1,657. There is a clear pattern around the $1,550 support which is forming a bullish pattern. Further above the $1690 support base, are two key resistance levels of $1,700 and $1,720. Breaking above this resistance will prepare ETH for a fresh new move above $1,800.
The 24-hour chart is greenlit with bullish trendlines. Ethereum’s market also seems to be in-sync with Bitcoin, after both coins faced similar downsides in the past week. Bitcoin was trading around the $45K and $48K levels before the start of the weekend. Ethereum on the other hand was struggling with two resistance levels at $1,500 and $1,550. Nonetheless, the altcoin has broken above a major bearish pattern on the 4-hour chart around $1,540.
ETH/USD 4-Hour Chart
(Source: Tradeview)
On the 4-Hour chart, ETH is trading above $1600 against the US Dollar and the 100 simple moving average. The bulls are happy to see a bullish trendline that’s taking shape and forming support around $1,550. This chart has its next resistance around $1,700.
Besides, near the $1720 level is the 1.236 Fibonacci retracement level of the downward price correction from a $1,657 high to a $1,444 low. Breaking beyond both $1,700 and $1,720 will open doors for Ethereum to gain further upsides.
ETH/USD Price Prediction Conclusion
Traders should also remain aware that the coin’s failure to break above $1,700 will attract a bearish trendline. Nevertheless, there is an immediate support level of around $1,600 and another support level around the 100-hourly Simple Moving Average at $1,575. The bulls should at least sustain the price above the trendline support of $1,550 or else face a major decline.
