London Hardfork Propels ETH! Ethereum price eyes $3000 next
The price of Ether soared in cryptocurrency markets after the Ethereum blockchain received one of the most significant updates in the network’s six-year existence. ETH rallied towards $2823 following the update. Just shy of hitting $3K the token has retraced back and is trading at $2786.
Popular Analyst Micheal Van De Poppe says Eth still needs to break above crucial resistance to validate a bull rally. ETH has cemented the support at $2535 and started a rally, but a break above the resistance level at $2,850–2,925 is needed.
In the weeks running up to the London hard fork, Ether experienced a strong rise, breaking out of a two-month consolidation with bitcoin. This year, the price of ether has more than tripled, well-surpassing bitcoin’s 31 percent increase.
Ethereum Is Already Burning $10,000 Every Minute!
The Ethereum (ETH) network is burning 3.68 ETH ($10,295) every minute on average after the much-anticipated London upgrade incorporated a token burn mechanism.
The Ethereum Improvement Proposal (EIP) 1559, among other things, altered it so that a percentage of all transaction fees, known as the base fee, is now destroyed in each block rather than flowing to miners.
According to Etherchain.org, about 3.7 ETH (approximately $10,000 at current rates) was burnt on the Ethereum network per minute. Meanwhile, just hours after the London update was applied, 630 ETH (about $1.77 million) was burned. Over the last hour, the base charge has ranged between 70 Gwei ($5.84) and 100 Gwei ($8.34).