At the peak of the bearish dominance, some traders were speculating that ether will dip below $1,000. After the price correction to $1,700, ETH flawed that expectation by surging. The price increase saw a change in traders’ expectations as some began speculating that ether next stop is $5,000 and that will take place within the next two months.
Unfortunately, we will not see a $5k there this month. Market fundamentals are not right for such a massive leap. the largest altcoin hitting $4,000 is still a far stretch. The only feasible price mark is $3,000 and the London hard fork could be the fuel.
In the early parts of last month thrill of the EIP-1559 (the hard fork or upgrade) saw the second-largest coin by market cap increased from $2,000 to $2,300 within days. Coinfomania reported that the largest alt finally see light out of the tunnel as it regains its $2k status and Ether also thrilled traders as it hit its two weeks high of $2,376.
The report concluded by attributing the gains upcoming London hard fork. Now, ETH is trading at $2,480 and the long-awaited upgrade is closing in and expected to happen within the next 24 hours.
The market fundamentals may improve significantly after the upgrade takes place. We may see ether enjoy a price hike that may cause its prices to surge as high as $2,700. Riding the bullish wave may ensure ETH hits $3k before the month’s end.
Previous price actions also hint that this August may be bullish for crypto’s second born. Since its introduction to the market in 2015, five Augusts have passed. Of all these months, two came out positive and three negative. There is a clear pattern to the gains and losses; a close with an increase in July guarantees a positive gain the next month.
Ether closed at more than 10% at the top. We may see a continuation of the recent surge this month.
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