Get ready! Ethereum breaks the $2,000 barrier.
In the past months, Ethereum has been suffering a lot. After the crashing pattern of the market in the past months. The coin reached a new high of around $4,000. Before dropping back down after the market crash a month ago. It lost around 50% of its value in just a matter of weeks. However, the coin survived.
Last week, Bitcoin fell to the $30,000 stronghold. After this, Ethereum lost its momentum at its $2,000 stronghold and fell lower.
It seemed as if the coin wouldn’t recover at first. The whole market looks like it’s sinking into a bear. However, all isn’t lost.
Ethereum regained some control. Its price came back up in the green.
Will there be a Bull Run after $2K?
A bull rally for Ethereum doesn’t seem to happen at this point. There are some projects that went on the Ethereum blockchain that supports the coin’s usage. The scalability of Ethereum puts it in a remarkable position to experience another recovery. The projects like ETH 2.0 will revolutionize the crypto industry completely.
When the lower fees are implemented, the bottleneck with small transactions could be solved. Lower fees would mean that the coin could be used as a currency and not as an asset.
The London Hard Fork of Ethereum
Before the London Hard Fork, Ethereum already saw an increase in the last few days. The London hard fork will take place in July. It is scheduled to happen together with the EIP 1559 as a part of efforts to scale the network.
This will make transactions a bit easier for the users. With a proposal of the gas fee to be sent to the network as a burn. And with an optional tip being paid to miners.
This has come in contrast from minters. However, users and investors are really excited about it.
Expensive gas fees have been a burden for a while now because of the networks being congested by the large number of new tokens being issued. The London Hard Fork is also a part of the plan to solve the congestion problem.
Before this was the hard fork of Berlin. It happened in April earlier this year.
If ETH holds the $2,000 resistance point, then there would be another recovery soon.
However, with a little momentum, it is possible that the coins will fall back. This means that the coin will experience many downturns before making another recovery.
Ethereum maintains a price that is higher than its previous all-time high. If ever it breaks, the next major resistance point will be at $1,500.
Developments are still in process in Ethereum to make sure the total scalability of the entire network. A complete overhaul of ETH 2.0 will be in 2022.
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