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ETH/USD Updated LONG Target for KRAKEN:ETHUSD by kyer

Just like Bitcoin , Ethereum has had a great month going from $2,340 to $3,242 heading into the EIP-1559 . From here, the price has been stable and rejecting off of $3,242. With Bitcoin moving back up in price as well as altcoins like Cardano going upwards to new highs, Ethereum should follow their price action.

At the moment, ETH is rejecting off of $3,242 and could possibly wick $3,162 before breaking the resistance and heading towards $3,431. There is a downtrend around $3,431 where the price should reject off of before heading towards $3,821. ETH is ranging from $3,100 – $3,400 and is being squeezed until it breaks out higher and heads to the $3,821 (2.618 Fib).

Ethereum has had the most good news in the cryptocurrency sector recently because of the NFT and ERC-20 token hype, as well as the newly-implemented EIP-1559 that is burning tokens as we speak.

Ether, the native token of Ethereum’s blockchain, looks to have become more scarce than Bitcoin since the activation of EIP-1559 . Ether’s daily annualized net issuance fell to 1.11% earlier this week versus Bitcoin’s 1.75%. If this trend continues, Ether could attract store-of-value demand, which until now has been concentrated mainly towards Bitcoin .

August is shaping up to be a record month for nonfungible token (NFT) sales, with almost $900 million spent on them over the past 30 days.

I am watching the $3,162 level of support very carefully. If we don’t hold $3,162, ETH is heading down towards $2,889. Please remember to set stop-losses.

Will do my best to keep you updated, feel free to join my Telegram to stay alerted in real-time!

As always please do your own research, I am not a financial advisor.

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