ETH Next Long Target $3800
My TradingView Read from the weekend: TradingView Chart
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.
ETH was ranging from $3,100 - $3,400 and was being squeezed until it broke 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.
$3800 is the first target, then I am looking at 4k and above going towards previous local highs.