EIP-1559 Proposal is set to go live on the Ethereum network in July. The proposal will induce a transaction fee pricing mechanism that includes a fixed-per-block network fee getting burnt. As the fraction of gas fee will be burnt, it would reduce the supply of ETH. The proposal will usher in a paradigm shift in token economics, making ETH a deflationary asset.
- ETH corrected by ~60% from its all-time high of $4372 and has currently taken support at 100 EMA. It bounced back from its recent low of ~$1728 and is currently trading at $2817.
On the daily Time Frame, it is trying to cross its 50 EMA and if it is able to close above its 50 EMA, it will act as Support and help ETH to move high.
The immediate resistance is present at $2900. Closing above this level may see ETH moving towards the levels of $3300 and $3600.
The support to the lower side is present at $2400 followed by $2200.