Ethereum Price Tilts Before Hitting Support Zones, Bull Market Resumes!

With the start of Asian trading, most assets experience a notable outflow, including Bitcoin and Ethereum. BTC price crashed below $ 44,000 and ETH price plummeted below $ 3,000. However, the bears were unable to take control as the uptrend appears to have re-established.

Currently, ETH price is moving sharply towards its immediate resistance levels near $ 3200. And a close for the day could fuel the bull rally near their ATH by $ 4,400. The ETH burn after the implementation of EIP 1559 seems to have succeeded.

On the flip side, selling pressure appears to be increasing from the daily lows of around $ 2900 to current levels after a notable rally. And therefore the price is consolidating near the USD 3150 level. However, the price could get an extra boost as a gold cross appeared on the daily chart.

The coming days could be pretty bullish on the asset as the strong resistance at $ 3600 could be tested. However, a tiny consolidation can also occur, but levels above $ 3000 could be held significantly.

The recent London Hard Fork also appeared to be successful as the burning of coins boosted the existing coin price. In addition, the platform could experience many more milestones in the coming days, as the merging of the mainnet with the beacon PoS chain could drive the price to new highs. And according to analyst Lark Davis, that merger could take place in the next 6-9 months.

Overall, the downward trend seems to have stalled as the big coins like Bitcoin, Ethereum, etc. are seeing significant growth. On the flip side, the upcoming upgrade may also push the BTC price to the highest levels, more so than the current ATH.

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