Ethereum\u2019s London upgrade is scheduled for roll out on 4 August.<\/strong><\/p>\n Sentiment going south could see ETH price dump more before its London upgrade<\/p>\n The price of Ethereum<\/a> has slipped by 7% in the past 24 hours, crashing to lows of $1,720 amid another market slump that has also pushed Bitcoin<\/a> (BTC) to lows of $29,400.<\/p>\n After trading at intraday highs of $1,840, ETH prices fell below a critical support line at $1,806 before touching intraday lows near its previous 30-day of $1,715. Together with the 24-hour downtrend, ETH is now nearly 14% in the red over the past week.<\/p>\n Ethereum is inching closer to 4 August, the date of the highly anticipated London hard fork that will see the activation of EIP-1559. The upgrade aims at moving Ethereum to a deflationary supply mechanism, with the fee burn likely to be bullish for ETH long term.<\/p>\n The picture over the last few weeks has been anything but bullish though, with today\u2019s dump adding to the downward pressure just weeks to EIP-1559 going live on the Ethereum mainnet.<\/p>\n Anthony Sassano, the co-founder of EthHub, has ominously suggested<\/a> that \u201c$1,559 by 1559 may come true after all<\/em>.\u201d<\/p>\n For this to happen, the ETH price only needs to tank 9% over the next two weeks- something that\u2019s entirely possible given the above picture. The bleak outlook is also supported by market data from CoinGecko, which shows that ETH\/USD is down 21.3% over the past two weeks and nearly 20% in a month.<\/p>\n As seen on the daily chart, ETH has broken below a long-term horizontal support line. The price is also below the 50 and 200-day moving averages, with the likelihood of a death cross given the trajectory of the two curves.<\/p>\n The daily RSI is also below 50 to give sellers the advantage. What this means is that if ETH\/USD dips below another horizontal support level at $1,584, the market could see Ethereum\u2019s price dump past $1,559.<\/p>\n At the time of writing, ETH\/USD is trading around $1,736 as bulls look to stem the dump. A positive flip could yet see the second-largest cryptocurrency by market cap break above $1,800 to target fresh gains. In this case, the 200 SMA ($2,076) AND 50 SMA ($2,225) provide key hurdles.<\/p>\n<\/p><\/div>\nETH price outlook<\/h2>\n
ETH\/USD daily chart<\/h3>\n
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