Wednesday, December 8, 2021

Ethereum (ETH) Reclaims $3,000 Support after London EIP-1559 Implementation

After the London hard fork and the implementation of Ethereum Improvement Proposal (EIP) 1559, the situation of the digital token ETH in the market has been vastly favorable.

A few hours ago, the second-largest digital currency by market capitalization, Ethereum (ETH), reclaimed the $3,000 support level for the first time since May, according to CoinMarketCap.

Read Also: CryptoCapitalVenture Founder Says Cardano Will Eventually Flip Ethereum, Benjamin Cowen Has A Bit Different Opinion

On 12th May 2021, Ethereum (ETH) recorded its price all-time high of relatively $4,300. However, the cryptocurrency later embarked on a steep decline, hitting a bottom at around $1,740 in the process.

Ethereum (ETH) Reclaims $3,000 Support after London Upgrade and EIP-1559 Implementation
Courtesy of Trading View

London Upgrade and EIP-1559 Implementation Have Been Attributed To the Massive Surge

On 5th August, London hard fork and EIP-1559 were deployed on the Ethereum network and the effect of the upgrade became obvious just a few hours after the implementation.

Most importantly, since the implementation became official, Ethereum (ETH) has been gaining significantly in terms of price. And this is also impacting the whole crypto market positively, pushing Bitcoin (BTC) to revisit the $44,000 level for the first time since May.

Read Also: Analyst: If March 2020 Fractal Holds, Ethereum (ETH) Could Hit $14,000 In 2021

Many crypto analysts and big guns have been positive in relation to the trend of Ethereum (ETH). There have been bullish predictions and this is expected to continue as the network keeps evolving.

At the time of writing, Ethereum (ETH) is trading at $3,082.26, with an 11.26% price upsurge in the last 24 hours.


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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