The Ethereum Project token ETH formed 13 consecutive green candles on the daily chart as of August 2. This incredible run was attributed to the upcoming London fork, also know as EIP-1559, which is scheduled for August 5 and is expected to bring transaction fees improvement and introduce a somewhat deflationary mechanism to its native token ETH.
The coin closed the seventh month of the year with a 10 percent increase after jumping up from the extremely stable demand zone near $1,700 two weeks earlier.
On Sunday, August 1, the ETH/USDT pair also managed to ensure that the weekly candle closes above the previous high on that timeframe, also surpassing the 21-period EMA.
The Monday session brought an extension of the rally up to $2,612, but on the second day of the week, we finally saw a pullback. The ether moved down to $2,507 in a 3,7 percent correction.
The mid-week session, however, was again all buyers as ETH climbed 8 percent up and hit the resistance zone near $2,730. This zone is also where the W-pattern (bullish reversal formation) forms its breakout point. A major Fibonacci retracement level is also situated nearby.
The leading altcoin is trading slightly lower, at $2,613 on Thursday.
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