Ethereum (ETH) Continuing its Uptrend Before London Hard Fork. Can It Exceed $3,000?
Crypto markets are focused on the London hard fork, an upgrade on the Ethereum blockchain. On August 5, an upgrade called London will take place on the Ethereum side. With this upgrade, Ethereum will become a deflationary asset. Before the upgrade, investors continue to buy Ethereum, causing Ethereum to continue to rise.
Ethereum is currently trading at $2674. It's up 7.27% today. Ethereum (ETH) fell to $ 1706 on July 20. When we examine the last 2 weeks' data, ETH has gained 56% in 2 weeks. This means that the London upgrade is viewed positively by investors. Investors are of the opinion that the London hard fork will benefit the Ethereum blockchain. If nothing goes wrong with the upgrade, ETH could resume its uptrend.
The London upgrade will activate a mechanism to burn some of the fees paid to miners. This will reduce the ETH supply, but it's hard to know how much ETH will be burned already. In other words, we will see how much the effect will be on the total supply in the coming days. It is also estimated that after the upgrade, miners' income will drop by about 15% to 20%.
Additionally, the high fees on the Ethereum network are expected to decrease slightly after the upgrade. One of the biggest problems on the Ethereum side is the high fees. That's why many investors or those with little investment do not prefer platforms that work on the Ethereum network. Recently, platforms operating on the faster and lower-paid Binance Smart Chain network are preferred.
After the London hard fork, I do not expect the price of Ethereum (ETH) to increase much. But I think it will go a little higher. However, if Bitcoin (BTC), which ranks first in terms of market size, can exceed $40000 again, Ethereum (ETH) may test exceeding $3000. In short, ETH can reach higher levels if Bitcoin reclaims the support of $ 40000.
In addition, it is seen that institutional investments on the Ethereum (ETH) side are increasing. If this upgrade is successful, institutional investments will increase even more. There may also be an increase in projects on the Ethereum network.
I think these upgrades are preparation for ETH 2.0 upgrade. I think that with ETH 2.0, the price of Ethereum (ETH) will go much higher. I think after ETH 2.0, Ethereum (ETH) price will equal 20% of Bitcoin (BTC) or even go higher. Considering the current prices, Ethereum (ETH) may exceed $ 8000 after the ETH 2.0 upgrade.
Note : Disclaimer. I am not an expert financier. I follow the crypto markets closely and evaluate the developments and make predictions. Positive developments in the markets can be reversed and sudden decreases can occur. That's why I recommend that you follow the assets you invest in daily.
Posted Using LeoFinance Beta