Also from the chart, it can be observed that the daily MACD, MFI and RSI are indicating an ongoing correction for Ethereum in the crypto markets that might abate as we inch closer to the new month of June. A continuation of the pull-back could mean that Ethereum revisits the lower $2k levels, or the local low of $1,888, before the end of this month.
Ethereum’s London Upgrade Could Push ETH towards $4k
To note is that the months of June and July will be a busy time period for Ethereum developers as they finalize the London upgrade that will usher in EIP1559. The latter Ethereum Improvement Proposal is aimed at taming the issue of high gas fees as well as turning ETH into a deflationary asset.
Therefore, chances are, that the events leading up to the London Upgrade will provide enough fuel for Ethereum to rally back towards the $4k leading up to the event.
However, such a bullish possibility for Ethereum is hinged upon a stable Bitcoin without the gut-wrenching volatility that was witnessed this past Wednesday when BTC dropped from $42k to $30k in less than a day.
Source: Read Full Article