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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Price Struggles As London Hard Fork Looms, Falls 4% To Lose $2,300 Hold

Best Owie
Best Owie
3 years ago
3 mins read
Picture of an ethereum coin on fire with downward candlestick chart behind it

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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.

Related Reading | Swiss Bank Sygnum Launches Ethereum 2.0 Staking

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 chart from TradingView.com

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.

Related Reading | Ethereum Supremacy? ETH Adds Over 5 Million Unique Addresses In 30 Days

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
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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