Key Takeaways
- Ethereum looks poised to advance further as the EIP-1559 update approaches.
- Transaction history shows that there is no supply barrier ahead of Ether.
- Meanwhile, the technicals project a $3,200 target for ETH.
As speculation mounts around the EIP-1559 update, market participants seem to have rushed to add more ETH to their portfolios. Ethereum price has risen more than 50% since Jul. 21 and seems to have more room to go up.
Ethereum Primed for Higher Highs
The second-largest cryptocurrency by market capitalization has enjoyed an impressive rally over the past two weeks, gaining nearly 1,000 points in market value. The upward price action seems to have been anticipated by the development of a descending triangle on ETH’s daily chart.
Ethereum has surged by 35% after breaking out of this technical formation in Jul. 22. Despite the significant gains incurred within such a short period, Ether looks primed for more.
The height of the triangle’s y-axis suggests that ETH could advance another 17% toward $3,200.
This supply zone may have the ability to absorb some of the buying pressure seen recently. Holders who have been underwater may try to break even on their positions, slowing down the uptrend. But if Ether can slice through this hurdle, it would likely climb to $3,200.
Right now, the odds favor the bulls.
