The last few weeks have been quiet and volatile in the crypto space but a major upgrade. The ethereum improvement proposal, also known as EIP 1559, was the trigger in causing a much-needed “pump”.
More than 30 million dollars worth of ethereum was burnt post this upgrade. The good thing, though, has been the fact that this intense speculation has woken up the market from its slumber. At the time of writing this article, Bitcoin is roughly around 43k and Ethereum around 3k. They both had touched lows of 28k and 1800, respectively.
Traditionally the 20-week moving average has been a strong indicator of a bull or bear market. If we analyze previous bull runs, we have a sustained bull market whenever bitcoin crosses and sustains over the 20-week moving average. Right now, we have just crossed the 20-week line and whether we can sustain above this is a big question.
Let’s all hope for a mega pump.