The London hard fork is now active, boosting bullish Ethereum price prediction bets.
The Ethereum network upgrade came when the token was clearing a double bottom on the daily chart, and this move continues with the ETH/USD pair topping $2820 as of the time of writing.
This upgrade was necessary. This writer once was asked to pay $300 in gas fees to transfer $1000 worth of ERC-20 tokens. Unpredictability in gas fees, which could sometimes see them shoot up dramatically, was just one of the problems with the old network.
The upgrade is supposed to fix this by changing the format by which fees are calculated. This should reduce the volatility traders like me have experienced and make fees more predictable.
ETH/USD is up 3.64% as of writing.
Ethereum Price Prediction Outlook
The break of 2671 has taken the breakout move of the double bottom closer to the expected end of the measured move at 2940. If the price continues the advance beyond this point, 3167 and 3400 could be the following targets in line for bulls.
On the other hand, if the price stalls at 2940, we could see some profit-taking at that level. This scenario would permit a decline towards 2671 and 2378, in that order. Fresh bids could then arise at the latter support level.