- Ether (ETH) is showing bullish trends.
- This activity has been growing since the London testnet launches.
- The London hard fork is set to go live later in July.
The price of Ether (ETH) has been on the up and up for the last 2 weeks. The crypto has even set a peak of $2,350. This records its highest price since June 18, 2021.
The reason behind Ether’s bullish momentum can be due to the fact that it will soon be launching its London hard fork. This launch is in relation to Ethereum’s roadmap for establishing Ethereum 2.0.
Ethereum 2.0 is Vitalik Buterin’s original vision for the Ethereum blockchain. In detail, these upgrades will shift the Ethereum blockchain from a Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus.
Besides this shift in consensus, Ethereum 2.0 will also offer high scalability with its sharding mechanism. All in all, the new network will be working to bring a more sustainable, faster, and affordable platform.
As for the London hard fork, it will be doing multiple launches over testnets. Moreover, these launches will implement various Ethereum Improvement Proposals (EIPs) over a few days. The first launch was on the Ropsten testnet on June 24, 2021.
Following this launch, the London update will proceed with Goerli, Rinkeby, and Kovan testnet launches, in order. However, the Ropsten testnet launch alone carried 5 EIPs. These include — EIP-3198, EIP-3541, EIP-3554, and, EIP-1559.
Specifically, it is the EIP-1559 that sparked the most interest from the crypto world. This is probably because the proposal offers a new transaction mechanism for pricing. Ultimately, it will amend Ethereum’s long-prevailing congestion issue.
All in all, there is no question about the testnet launches building momentum for ETH and its network. It is only a matter of time before the platform is ready to vanquish its limited scalability issues.
Moreover, public interest in Ether is gaining traction. The London hard fork is scheduled to take place later in July 2021. Perhaps we will see the price of ETH skyrocket once again. Some traders and investors expect ETH to hit $10,000.
Source: https://coinquora.com/eth-bullish-trend-as-london-hard-fork-approaches/
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