London Hardfork likely set to launch on Aug 4! Ethereum Price picks up steam

Anthony Sassano, the founder of EthHub, highlighted the prospect of discussing and publishing the mainnets date for Ethereum’s London upgrade, known as EIP-1559, during this week’s Ethereum Core Development meeting, which is expected to take place on Friday.

Sassano stated in a tweet comment that he expects London hardfork to be implemented later this summer, on August 4th. He did admit, though, that it could be postponed to a later date, perhaps a week or slightly longer.

However, this depends on the success of the Rinkeby testnet, which is scheduled for release this Wednesday.

Popular Crypto analyst Lark Davis has weighed in, saying that it may be months beyond August 4th. But, after the developers meet this week, we’ll know more. Also, a part of Crypto Twitter has voiced their concern for potential delays and the update’s efficacy as a whole.

Ethereum Price picks up steam

The price of Ethereum after trading sideways for a long time is seen to be surging ahead of the upgrade. Ethereum rose more than 6.5% to $2,370 on Sunday, the highest in over two weeks.

Picking the pace, ETH tried to surge beyond key levels and eventually retraced. But, now ETH is showing signs of bullish momentum.

The $2,400 barrier was recently tried but not broken. It fell back to $2,300 for a brief period, when the 200 Simple Moving Average (SMA) gave much-needed support. ETH is now trading at $2386.32 up by 2.8% in the last 24 hours. If it continues to surge and breach above the key level of $2400, a road to $3000 will come into play.

Miners aren’t happy

EIP-1559 has gotten a lot of backlash from miners when it was initially proposed in 2019. Some miners threatened a “show of force” in April to concentrate hashing power. The result might have exposed Ethereum to a 51% attack.

In spite of the fact that the threat faded away, miners continue to detest EIP-1559, fearing a huge loss in revenue once it goes live. This decrease is estimated to be between 20% and 35%.

Miners will no longer be able to rely on transaction fees if EIP-1559 is implemented via the London hard fork. however, users can still “tip” them to guarantee their transactions go through promptly. 

Users will now pay a base charge that goes straight to the network and gets burned, or taken out of circulation. This causes “deflationary pressure,” which may cause the asset’s price to rise.

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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