Ethereum price war with London Hard Fork

Ethereum price, which is struggling with the hard fork in London, is lagging behind as it fell 4% overnight. So on today’s Ethereum price news, let’s take a look at why ETH is struggling.

The recent market crash has caused the price of ETH to fall as the market prepares for the hard fork introduction in London. This update was scheduled for August 4th^assignment This year and so far, investors seem keen to take this move. The demand for ETH has increased in the last few weeks, but even this demand does not seem to be able to hold the price of ETH. Ethereum price struggled with the introduction of the London hard fork update, although it made a minor rally from the $ 2,000 area to the $ 2,300 area, at one point it even hit $ 2,400, but that could be because the coin immediately fell to $ 2,300.

Market buzz seems to have kept the price of the coin stable, but the holding period didn’t last as the introduction of the EIP-1559 upgrade gets closer and closer each day, but the price of the coin remains in the bearish range. The latest news that has appeared in the market shows that ETH’s popularity continues to grow and that the protocol has added 5 million new and unique addresses in 30 days. Even that is unlikely to affect the price, as the decline came shortly after ETH hit a three-week high. Many investors have seen this in the past few days but have no idea what it actually means or what the rollout of the update will mean for the entire network.

The hard fork will be an update that changes the transaction fee model of the current mechanism and helps reduce the high fees on the network. The London hard fork targets the network’s mining difficulty and the upgrade will help make proof-of-work mining harder, but it will make it easier to mine through the proof-of-work mechanism. So far, all indicators are pointing to a bearish pattern for Ethereum and the price is currently trading below $ 2100 with a downturn looming. The RSI drops below 50 and the number shows that ETH is currently in a bear market.

The decline came as investors began to believe the hard fork would experience another delay. The upgrade encountered delays as founder Vitalik Buterin once stated that the cause of the delay was the people involved in the project.

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