At the end of the week, the top five crypto currencies continue to be strong. Ripple (XRP), Cardano (ADA) and Ethereum (ETH) in particular are increasing in the high single-digit percentage range on Friday. At ETH, one reason in particular is fueling the price increase.
After the long-awaited Ethereum network update “London EIP-1559” went online on August 5th, more than 18,000 ETH coins were burned after just one week, according to a current report by CoinMetrics. This artificial shortage with simultaneously increasing demand is currently driving the price and the imagination of investors further upwards.
Current technical situation
Since July 20, the price of an ETH coin has increased by 88 percent. After the course from July 20 to August 7 closed just one day lower than the previous day, ETH now took a short break in the last five days. This was important because it was overheating beforehand. In the past few days, the price has hovered in a range of around $ 2,900 to $ 3,200.
Today, Friday, the price broke the upper range edge and is currently over six percent stronger. Thanks to this buy signal, the focus is on the resistance at $ 3,444 as the next milestone.
The rally in cryptocurrencies continues. At the end of the week, after a few days of breather, ETH is also showing strong again. If today’s candle closes above $ 3,200, this is to be interpreted as a breakout and a renewed technical buy signal.
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Ethereum.