Not much has been happening to most cryptocurrencies, and to Ether’s price as well. After the past market crash, crypto prices are currently at a very strong consolidation. For Ethereum, everyone is waiting for the EIP 1559 change that should happen during this month. In this article, we’re going to talk about Ether’s price, what is the EIP 1559, how it would affect prices, and why you should consider buying ETH today.
Ethereum Price Prediction – Why ETH current prices are a Good Buy?
Despite the negative market sentiment, ETH’s price is still on an uptrend. In a previous article, we did mention how prices bubbled outside the average uptrend momentum. This balloon popped and prices fell back to their normal uptrend. We also gave a solid trade setup that so far is in the greens (you’re welcome). On the other hand, we can still see people panicking left and right, talking about how cryptocurrencies reached their demise.
Now let’s talk in specifics. Our previous setup gave a signal to buy at the lower parallel channel, and obviously to sell at the higher one for a short-term trade. Within 5 days, that trade generated around 35% gains with no leverage. Prices were fell to around USD 2,175 and went up towards USD 2,882. Currently, prices are adjusting back downwards. If you don’t have an open position, it is advisable to wait for the moment for better prices. Once the EIP 1559 event happens, we’ll know better how to proceed. What is the EIP 1559? Great question, that’s what we discuss in the second part of this article.
What is the EIP 1559?
In layman terms, EIP 1559 stands for Ethereum Improvement Proposal. The number 1559 stands for the change reference in the GitHub community for Ethereum’s open-source developers. EIP 1559’s change would bring a major change to how fees are structured from a technical coding perspective, and how they are calculated from another financial side.
Normally, the user sends a gas fee to the miner, who will include it in the block. Enter EIP 1559, which would flip a typical blockchain transaction in order to fix user experience issues. This flip means that a fee would be sent to the whole network as a “base fee” instead of to the miner. In this case, the user would optionally tip the miner. Naturally, this fee would be algorithmically set, making the user pay a much fairer fee. On the other hand, how would we define how much that fee is? What if that fee was “way too low” for the profitability of the miners?
Should you BUY ETHEREUM at Today’s Prices?
Some analysts predict a further increase in Ether’s price over the long term. This is due to its use cases, as Ethereum does not only provide a way of cross-border and decentralized payment, but also a decentralized infrastructure for the future. Of course, we are talking about the smart-contracts feature that Ethereum’s ecosystem provides. Today, many projects are already plugging into the Ethereum environment, and we witness many industries (new and old) strive. NFTs, digital art, fintech and many more industries rely on a confirmation mechanism that keeps data intact.
Smart investors look ahead and make smart purchases…That’s why people speak often highly of Ethereum. Purchasing Ethereum at today’s price of USD 2,550 is definitely a good buy, considering that many analysts project Ether’s price to reach USD 10,000 in the long term.
The Crypto Market at a Glance
In the past 24 hours, the crypto market was seen up for the day. Bitcoin increased by 8%, bringing the whole market up with it. The top gainers were Bitcoin Diamond (BCD) and Bitcoin Gold (BTG), up 48% and 26% respectively:
1- Bitcoin (BTC) : + 8.48 %
2- Ether (ETH) : + 1.97 %
3- Tether (USDT) : 0 %
4- Binance Coin (BNB): + 4.66 %
5- Cardano (ADA) : + 0.99 %
6- Dogecoin (DOGE) : + 2.90 %
7- Ripple (XRP) : + 0.63 %
8- USD Coin (USDC) : + 0 %
9- Polkadot (DOT): + 4.45 %
10- Uniswap (UNI) : + 3.44 %
Stay Ahead, Stay Updated
You might also like
More from Ethereum
For this month, we have compiled a list of the top cryptocurrencies to invest in. So without further ado, let’s …
Bitcoin vs Ethereum is a never-ending battle. After the strong price rally, both cryptos are displaying tremendous growth. At the …