Ethereum price slips 7%,could test $1,500 ahead of London upgrade

6 days ago 4
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Ethereum’s London upgrade is scheduled for rotation retired connected 4 August.

Sentiment going southbound could spot ETH terms dump much earlier its London upgrade

The terms of Ethereum has slipped by 7% successful the past 24 hours, crashing to lows of $1,720 amid different marketplace slump that has besides pushed Bitcoin (BTC) to lows of $29,400.

After trading astatine intraday highs of $1,840, ETH prices fell beneath a captious enactment enactment astatine $1,806 earlier touching intraday lows adjacent its erstwhile 30-day of $1,715. Together with the 24-hour downtrend, ETH is present astir 14% successful the reddish implicit the past week.

ETH terms outlook

Ethereum is inching person to 4 August, the day of the highly anticipated London hard fork that volition spot the activation of EIP-1559. The upgrade aims astatine moving Ethereum to a deflationary proviso mechanism, with the interest pain apt to beryllium bullish for ETH agelong term.

The representation implicit the past fewer weeks has been thing but bullish though, with today’s dump adding to the downward unit conscionable weeks to EIP-1559 going unrecorded connected the Ethereum mainnet.

Anthony Sassano, the co-founder of EthHub, has ominously suggested that “$1,559 by 1559 whitethorn travel existent aft all.”

For this to happen, the ETH terms lone needs to vessel 9% implicit the adjacent 2 weeks- thing that’s wholly imaginable fixed the supra picture. The bleak outlook is besides supported by marketplace information from CoinGecko, which shows that ETH/USD is down 21.3% implicit the past 2 weeks and astir 20% successful a month.

ETH/USD regular chart

As seen connected the regular chart, ETH has breached beneath a semipermanent horizontal enactment line. The terms is besides beneath the 50 and 200-day moving averages, with the likelihood of a decease transverse fixed the trajectory of the 2 curves.

ETH/USD regular terms chart. Source: TradingView

The regular RSI is besides beneath 50 to springiness sellers the advantage. What this means is that if ETH/USD dips beneath different horizontal enactment level astatine $1,584, the marketplace could spot Ethereum’s terms dump past $1,559.

At the clip of writing, ETH/USD is trading astir $1,736 arsenic bulls look to stem the dump. A affirmative flip could yet spot the second-largest cryptocurrency by marketplace headdress interruption supra $1,800 to people caller gains. In this case, the 200 SMA ($2,076) AND 50 SMA ($2,225) supply cardinal hurdles.

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