Here’s what traders now expect as the price of Ethereum goes above $ 3,000

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This week, the London Ethereum hardfork ended without a hitch and investors have now set their eyes back on new highs above $ 3,100.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Ether (ETH) actually saw a sell off ‘sell the news’ shortly after London went live, but falling buyers quickly rushed in. and pushed its price back above $ 2,800, its highest level since June 7. This bullish momentum continued after the price of Bitcoin broke above $ 44,000 and at the time of writing, Ether is trading at $ 3,050.

ETH / USDT daily chart. Source: TradingView

Now that the network is functioning properly after its biggest update of the year, here’s what traders and analysts are expecting from the best altcoin.

A close above weekly resistance extends the uptrend

Insight into Ether’s price action was provided by pseudonymous Twitter analyst Rekt Capital, who highlighted the weekly resistance level of altcoin as an important hurdle to overcome in order to continue the current uptrend.

According to the chart provided, Ether needs to close above $ 2,714 to confirm the continuation of the trend.

Rekt Capital noted:

“Ether is now at one of its last major longer term resistances. Once Ether is able to break through this resistance of around $ 2,770, there will be little resistance until the old all-time high. of approximately $ 4,400.

Even with overhead resistance traders expect ETH burns to push prices up

According to SpinTrades, a pseudonymous Twitter analyst, traders should keep an eye out for a possible move to $ 2,600, while a breakout and close above $ 3,000 could lead to a rally to $ 3,300.

Related: London is live and Ethereum bulls control Friday’s $ 357million ETH options expiration

One of the more interesting upgrades included in the London hard fork was a new Ether Burning Mechanism that burns some of the transaction fees and removes it from the supply of circulating coins.

As reported in Alex Krüger’s following tweet, over 2,160 Ether ($ 6 million) was burned in the first seven hours and investors seem to assume that the price will rise if this trend continues.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.