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.
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.
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.
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.