Ethereum price is holding steady above $2,400 after its surge earlier on Friday. Notably, it hit an intraday high of $2,451.38 before pulling back. Even with the easing of the buying pressure, the bullish outlook remains.
Ethereum’s London Hard Fork, which is scheduled to go live at block 12,965,000 on 4th August is likely to boost prices further. The crucial software upgrade is meant to reduce the growth pace at which the Ether tokens’ supply. Subsequently, increased scarcity is likely to trigger a rise in Ethereum price.
ETHUSD technical outlook
Bulls in the market have gathered enough momentum to push Ethereum price past the resistance level at 2,400. The crypto, which is the second-largest by means of market capitalization, has erased the week’s losses by trading at a similar level as it did on Monday.
After dropping to the week’s low of 2,154.15 on Tuesday, ETHUSD has since surged by about 12.49%. At the time of writing, it was up by 1.43% at 2,417.47. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the near term, Ethereum price is likely to ease around the psychological level of 2,400. The entry of more buyers in the market may push prices to the psychological 2,500 or higher to the prior resistance level of 2,555.90. On the flip side, it may pull back to 2,330.22 along the 25-day EMA before rebounding.