ETHEREUM UPDATE - EIP1559
As requested, here is our Ethereum analysis!
From a technical view, we have identified some psychological levels following the round number strategy and the s/r in the chart. Also, our strength indicators show us bearish weakness, a sign of a possible reversal incoming.
Regarding the fundamentals, Ethereum is too attached to Bitcoin. However, the recent announcement of the new ETH updating proposal (EIP 1559) could drive prices upwards if this isn’t already priced in. This update will lower the transaction fee and will have a dynamic block size that could be adjusted following the network congestion. Also, the PoS system and the burning mechanism are a sure bet for the long term.
See you tomorrow!
From a technical view, we have identified some psychological levels following the round number strategy and the s/r in the chart. Also, our strength indicators show us bearish weakness, a sign of a possible reversal incoming.
Regarding the fundamentals, Ethereum is too attached to Bitcoin. However, the recent announcement of the new ETH updating proposal (EIP 1559) could drive prices upwards if this isn’t already priced in. This update will lower the transaction fee and will have a dynamic block size that could be adjusted following the network congestion. Also, the PoS system and the burning mechanism are a sure bet for the long term.
See you tomorrow!
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