The EIP 1559 implementation date (August 4th) was recently announced. This will be the first major update to the Blockchain network in years. This update aims to lower transaction fees (less money going to miners) and increase transaction speed.
There is the possibility of a speculative move before the 4th of August, causing ETH to rise regardless of the price of BTC.
If EIP 1559 successfully demonstrates its functions, the price of ETH should rise towards line (0 = the top line) of #1 Fibonacci retracement.
Considering that the BTC 4 years cycle only ends at the end of this year. There is a possibility that the BTC in September / October / November will grow again and influence the value of the ETH, causing the line (0 = the top line) of the #1 Fibonacci retracement to be exceeded.
As soon as line (0 = the top line) #1 Fibonacci retracement is passed, #2 Fibonacci retracement becomes valid and there is a possibility that ETH will reach line (0 = the top line) #2 Fibonacci retracement during / after the ETH 2.0 implementation of the first months of next year.
After the implementation of ETH 2.0 the value of ETH should continue to grow for a few weeks, until the price of ETH starts to stabilize (indicated by a drop). This can also be influenced by bear market BTC that should start before ETH 2.0 implementation.
There is the possibility of a speculative move before the 4th of August, causing ETH to rise regardless of the price of BTC.
If EIP 1559 successfully demonstrates its functions, the price of ETH should rise towards line (0 = the top line) of #1 Fibonacci retracement.
Considering that the BTC 4 years cycle only ends at the end of this year. There is a possibility that the BTC in September / October / November will grow again and influence the value of the ETH, causing the line (0 = the top line) of the #1 Fibonacci retracement to be exceeded.
As soon as line (0 = the top line) #1 Fibonacci retracement is passed, #2 Fibonacci retracement becomes valid and there is a possibility that ETH will reach line (0 = the top line) #2 Fibonacci retracement during / after the ETH 2.0 implementation of the first months of next year.
After the implementation of ETH 2.0 the value of ETH should continue to grow for a few weeks, until the price of ETH starts to stabilize (indicated by a drop). This can also be influenced by bear market BTC that should start before ETH 2.0 implementation.