Ethereum has finally broken through the $3,800 bottleneck that had been holding it back. At the time of writing, ETH price was up 0.72% to register $3,817. In light of this development, investors now expect the stock to rise well beyond $4,000 in the near future. ETHs price has remained stubbornly below $3650 for the past month, despite the network’s expansion.
In the meantime, Ether bulls will win by $53 million on Friday’s weekly options expiry, according to the latest estimates. If Ether stays above $3,600 on Friday, the $180 million in put (sell) options will be worthless for the vast majority of those who purchased them.
Despite the bullish outlook for ETH price, its path to ascent is still riddled with transaction-related inefficiencies.
Many people had hoped for a quicker resolution to transaction issues after the EIP-1559 upgrade, but the results are still far from impressive. As a matter of fact, one Ethereum user recently paid $430,000 in transaction fee, hoping to speed up his transaction, but the transaction fell through.
A social media outcry ensued, with people claiming that the network’s inability to manage numerous addresses at once was a fundamental problem with the platform
The amount of trust investors have in ETH has not waned. On Thursday, Aurora Labs, a developer platform compatible with the Ethereum blockchain, reported that it had raised $12 million in its initial investment round.
Technical analysis for ETH price
A look at the ETH/USD Moving Average Convergence Divergence (MACD) indicator shows a market that is in the firm grip of the buyers. The MACD line has been above the signal line since the start of the month and is rising steadily. With the current bullishness in the market, the ETHUSD price could rise to the first resistance level at $3,887 and possibly to the second resistance level at $3,937. Beyond that point, the asset could hit the $4,000 mark. On the flipside, the bears could weaken the momentum to pull the price to the first support at $3,792 and the second one at $3,578.
