Will ETH return to ATH? Top traders commented on the situation
2 min readThe second largest cryptocurrency, ETH, is experiencing a very good period after the May correction. This is evidenced by significant fundamentals, which managed to shoot the price just above the $ 3,000 mark.
What do top traders expect?
Data shows that the ETH price experienced a sale or so-called Sell the news. However, this phenomenon did not last long, as the bulls subsequently pushed the price back to around $ 2,800. Currently, the price of ETH is somewhere at the level $ 3,000.
In the next part of this article, we will look at the opinions and expectations of top traders and analysts.
One of the most popular analysts is without a doubt Rect Capital. He especially highlighted the weekly level of ETH resistance on his twitter account. This important level must be overcome in order for the bullrun to continue.
“ETH is on one of its last major resistances in the higher time frame. Once the ETH can cross the $ 2,770 mark, very little resistance awaits it. This is followed by a trip to a historic high of $ 4,400. “
An analyst with the nickname SpinTrades, who fears a possible drop to USD 2,600, also commented on the situation around ETH. Otherwise, ETH can climb up to $ 3,300.
$ ETH Trade price, not hype
🤠 Break and hold over 2900-3000 -> 3300
🐻 Break below 2600 -> 2200-2400
👀 Rejection at 2900, consolidation 2600-2800
The most important part of hard forks
One of the most interesting improvements brought to London by the hard fork is the new ETH combustion mechanism. It basically burns part of the transaction fees and removes them from the circulating supply of coins.
2160 ETH burnt in just seven hours. Impressive.
A tweet by Alex Krüger states that during the first seven hours, more than 2,160 ETH, which is approximately $ 6 million. If this trend continues, it will also have a positive effect on the price itself.
