This calendar week Ethereum's London hardfork was completed without a hiccup and investors take now reset their eyes on new highs above $iii,100.

Data from Cointelegraph Markets Pro and TradingView shows that the cost of Ether (ETH)  did in fact experience a "sell the news" sell-off shortly later London went live but dip buyers quickly rushed in and pushed its price back above $2,800, its highest level since June 7. This bullish momentum extended farther after Bitcoin toll surged above $44,000 and at the time of writing Ether trades at $iii,050.

ETH/USDT daily chart. Source: TradingView

Now that the network is operating smoothly following its biggest update of the yr, here's a wait at what traders and analysts look next from the acme altcoin.

A close above the weekly resistance extends the uptrend

Insight into Ether'south price action was provided by pseudonymous Twitter analyst Rekt Capital, who highlighted the altcoin's weekly resistance level as an important hurdle to spring in lodge to continue the current uptrend.

According to the chart provided, Ether needs to shut to a higher place $2,714 to confirm a trend continuation.

Rekt Capital said:

"Ether is now at 1 of its final major higher-timeframe resistances. Once Ether is able to intermission by this ~$2770 resistance, there volition be little resistance ahead until the old All-Time Loftier of ~$4400."

Related: An Ethereum blockchain upgrade, Bitcoin price discussion: Hodler's Digest, Aug. 1-7

Even with overhead resistance traders expect ETH burns to elevator prices

According to SpinTrades, a pseudonymous Twitter annotator, traders should proceed an eye out for a possible move to $two,600, while a pause and close above $3,000 could lead to a rally to $3,300.

Related: 3 reasons why Ethereum is unlikely to flip Bitcoin whatever fourth dimension presently

One of the more interesting upgrades included in the London hard fork was a new Ether burning mechanism which burns a portion of the transaction fees and removes information technology from the circulating supply of coins.

As noted in the post-obit tweet from Alex Krüger, more than than 2,160 Ether ($half dozen million) were burned within the get-go seven hours and investors announced to be assuming that the price will rise if this tendency continues.

Related: Ethereum price soars to a higher place $3K into 'red zone' triggering sell-off fears

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph.com. Every investment and trading motility involves run a risk, yous should conduct your own research when making a decision.