A bullish technical analysis pattern and the potential approval of the EIP-1559 proposal could back MATIC’s attempt to rally to a new all-time high.
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Ethereum Price Struggles As London Hard Fork Looms, Falls 4% To Lose $2,300 Hold
A recent market crash has seen the price of ethereum crumble as the market prepares for the launch of the London Hard Fork. The fork has been scheduled to go live on August 4th this year and so far, investors seem to be very interested in this move. Demand for ethereum has gone up in the past weeks, but even this demand has not seemed to be able to hold up the price of the altcoin.
Ethereum had earlier made a small run-up from the $2,000 trading range into the $2,300 range. At one point even jumping up as high as $2,400. But this was only briefly as the coin subsequently fell back down to the $2,300.
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Market enthusiasm seems to have held the coin price a bit steady. But this hold did not last long. With each passing day, the launch of EIP-1559 with the London hard fork draws close, and yet, the price of the coin remains in bearish territory.
Recent news coming out of the market shows ethereum keeps growing in popularity, showing that the protocol had added 5 million new and unique addresses in the span of 30 days. Even this seemed to not have had much of an impact on the coin price. This dip has happened on the heels of ethereum reaching a three-week high.
What Is The London Hard Fork?
Lots of investors have seen this thrown around a lot recently but still do not have any idea what it actually means. Or what the launch of the fork will mean for the Ethereum network.
The hard fork is going to be an update that will change the transaction fee model of the current mechanism. This will in turn help to reduce the high transaction fees experienced currently in the network.
Ethereum price continues to struggle | Source: ETHUSD on TradingView.com
The London hard fork is also meant to target the mining difficulty of the network. This upgrade will help to make proof of work mining more difficult, but at the same time, increase the ease of mining of the proof of stake mechanism. Proof of stake mechanism will only require validators to carry out the transaction confirmations on the network. Instead of using high-power machines like the current proof of work mechanism which requires computers to solve complex problems in order to confirm transactions and my blocks.
The London hard fork is part of a series of upgrades being carried out in the ETH network to facilitate a complete move to ETH 2.0, which has been scheduled for 2022. It is expected to help move towards the goal of more efficiency and scalability of the ethereum network.
Ethereum Price Recovery
So far, all indicators have pointed to bearish patterns for Ethereum. The price is currently trading lower than $2,100. With a threatening downturn looming.
RSI has fallen below 50. Now standing at 40. This number indicates that ETH is currently in a bear market.
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The current drop seems to be attributed to the fact that investors are starting to believe that the hard fork will experience another delay. The Ethereum technological upgrades have been riddled with delays so far. The founder Vitalik Buterin stating that the cause of the delay has been the people involved in the project. Citing internal team conflicts being the major reasons in the past five years.
Despite this, ETH 2.0 continues to surge onward with its upgrades. Investors continue to stake their coins with current numbers sitting at 6.1 million of ethereum have already being staked. The dollar equivalent value for this converts to over $13 billion currently staked in ETH 2.0.
Featured image from NewsBTC, chart from TradingView.com
Ethereum Breaks $2,000, What You Should Prepare For
Ethereum has been struggling a lot in the past months. Following the general crashing pattern of the market in recent months. The coin reached a new high of over $4,000. Before falling back down following the market crash over a month ago. Losing over 50% of its value in a matter of weeks. But despite this, the coin has persevered.
A week ago, Bitcoin fell below the $30K stronghold. Following this, Ethereum lost its footing at its $2,000 stronghold and fell below.
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At first, it looked as if the coin would not recover. The whole market seemed to be sinking further into a bear. But all is not lost.
Ethereum has since regained back some control. Its price is back up in the green.
Bull Run After $2,000?
A bull rally for Ethereum does not seem unlikely at this point. There are projects going on on the Ethereum blockchain that encourages the use of the coin. The scalability alone of Ethereum puts it in a remarkable position to post another recovery. Projects like ETH 2.0 will completely revolutionize the crypto industry.
Once the lower fees are implemented, it means that the bottleneck with small transactions will be solved. Lower fees mean the coin can be used more as a currency instead of an investment asset.
Ethereum breaks $2,000 | Source: ETHUSD on TradingView.com
$2,000 has been the major hold point for Ethereum since the decline. Traders have battled to keep the coin above this point. Speculations being that another bull rally is more likely above this price point than it is below it.
Staking is also another big driver for Ethereum. People can stake their ETH in liquidity pools and get rewarded in tokens. Given this, more people are buying ETH coins for the sole purpose of staking.
Staking ETH is less complicated than trading too. It gives investors a low entry point to get into the market without risking too much. These little entries, albeit small individually, add up over time to increase the market cap of Ethereum.
Ethereum London Hard Fork
Ahead of the London hard fork, Ethereum has seen a bit of increase in the past days. The London hard fork is scheduled to take place in July. It is scheduled to happen packaged with the EIP 1559 as part of efforts to scale the network.
This is targeted to make transactions easier for the users. With a proposal of the gas fee to be sent to the network as sort of a burn. With an optional tip being paid to miners.
Obviously, this has come with opposition from minters. But users and investors alike are excited about this.
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High gas fees have been burdensome for a while now due to networks being congested by the large number of new tokens being issued. The London hard fork is part of the plan to solve this congestion problem.
Prior to this was the Berlin hard fork. It took place in April earlier in the year.
According to market speculations, if ETH holds the $2,000 resistance point, then there could be another recovery on the horizon.
But with so little momentum, it is possible that the coins fall back below. This could mean that the coin will experience further downturns before there could another recovery.
Ethereum still maintains a price higher than its previous all-time high. If it breaks, the next major resistance point would be at $1,500.
Developments are still ongoing in Ethereum to ensure the total scalability of the entire network. A complete overhaul to ETH 2.0 is scheduled for 2022.
Featured image from Press Insider Daily, chart from TradingView.com
Ethereum looks to retake $2K days before London hard fork — Big breakout ahead?
The world’s second-largest cryptocurrency also surged in tandem with positively correlated Bitcoin, the flagship digital asset.
