empty
06.08.2021 09:33 AM
Technical Analysis of ETH/USD for August 6, 2021

Crypto Industry News:

The Ethereum network successfully processed the London hard fork. With block 12,965,000, the assumptions of EIP 1559, EIP 3198, EIP 3529, EIP 3541 and EIP 3554 came into force.

To be compatible with the London update, the node operators had to update the running version of the client. The versions listed below for each customer support London on the Ethereum main network. These releases differ from previously announced which served London on test networks. Previous versions do not support London on mainnet.

One of the most anticipated changes to Ethereum, the EIP-1559, is also the biggest one to be introduced in London. EIP has introduced a "base charge" on blocks in the network that will track the gas price that the network will accept from transactions based on demand for block space. This means that it will be easier for wallets and users to estimate what the right price for their transaction should be.

Other changes are:

-EIP-1559: Change of the fee market for the ETH 1.0 chain

-EIP-3198: opcode BASEFEE

-EIP-3529: Reduction in Gas Charges Refunds

-EIP-3541: Rejection of new contracts starting with 0xEF

-EIP-3554: Bomb difficulty delay until December 1, 2021.

Technical Market Outlook:

The ETH/USD pair has made a new higher high at the level of $2,845 after the successful implementation of London Hard Fork. The next target for bulls is seen at the level of $2,861 and $2,914. When the level of $2,914 is violated, then $3,000 is the target. The immediate technical support is seen at the level of $2,695 and $2,639. Strong and positive momentum supports the short-term bullish outlook for ETH.

Weekly Pivot Points:

WR3 - $3,455

WR2 - $3,077

WR1 - $2,935

Weekly Pivot - $2,529

WS1 - $2,363

WS2 - $1,988

WS3 - $1,819

Trading Outlook:

Ethereum might have started the next wave up as the next long-term target for bulls is seen at the level of $3,000. Nevertheless, in order to resume the long-term up trend, bulls have to break through the last swing high seen at the level of $2,880. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key support for bulls.

This image is no longer relevant

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on April 8

Bitcoin and Ethereum are gradually recovering after the sharp sell-off earlier this week. The situation in the U.S. stock market and its sharp decline are closely tied to the fall

Miroslaw Bawulski 09:25 2025-04-08 UTC+2

Bitcoin – Technical Analysis Overview

Currently, the market is testing monthly support levels at 79,773 – 75,446. A consolidation below this area would give bears control over these levels and invalidate the Ichimoku weekly golden

Evangelos Poulakis 07:36 2025-04-08 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 4

Bitcoin and Ethereum were able to withstand significant pressure again, which was exerted on them yesterday in the latter part of the day following a substantial sell-off in the U.S

Miroslaw Bawulski 09:09 2025-04-04 UTC+2

Bitcoin again loses battle

Both Bitcoin and Ethereum asserted their strength for a while yesterday in the midst of the US session before Trump's statements and the introduction of tariffs. However, demand for risk

Jakub Novak 11:36 2025-04-03 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 3

Bitcoin and Ethereum rose even before Trump's decision and the announcement of trade tariffs, but pressure on risk assets increased significantly afterward. It's hard to say that the newly announced

Miroslaw Bawulski 09:02 2025-04-03 UTC+2

BTC/USD Analysis. April 2nd. Bitcoin Is Also Afraid of Trump's Tariffs

The wave pattern on the 4-hour BTC/USD chart is clear. After completing a bullish trend composed of five full waves, a downward corrective phase began, which is still in progress

Chin Zhao 12:17 2025-04-02 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 2

Bitcoin and Ethereum are holding their ground ahead of a major event that could reshape the global trading landscape. Another failed attempt by Bitcoin to settle above the $85,500 level

Miroslaw Bawulski 08:50 2025-04-02 UTC+2

Traders pause ahead of key event

Bitcoin's price has stabilized around the $83,000 mark as investors brace for a major announcement from US President Donald Trump on tariffs, expected to be made tomorrow. Other leading cryptocurrencies

Jakub Novak 10:44 2025-04-01 UTC+2

Trading tips for crypto market on April 1

Bitcoin and Ethereum have fallen in response to a further decline in the US stock market. Currently, BTC and ETH exhibit an obvious correlation with US stock indices. However, trading

Miroslaw Bawulski 09:31 2025-04-01 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 31

Bitcoin and Ethereum resumed their decline over the past weekend. There was no significant growth last week either, suggesting a continued correction in the crypto market. Ethereum was hit particularly

Miroslaw Bawulski 11:02 2025-03-31 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.