After a weaker start to the week, the crypto market is once again proving its strength. In the past 24 hours, the market cap of the global crypto market rose by over 5%. The second most valuable cryptocurrency, Ethereum, performed even better than the market average. Because in the past 24 hours there has been a plus of over 7% for ETH. This is currently slightly above the $ 3200 mark. In the next few hours and days, it should now depend on whether the breakout of the sideways range can take place this time. Because then there would be room for a new course rally for ETH.
EIP 1559 update successfully implemented
Developers and crypto fans longed for the implementation of the London Hard Fork. This was one of the most important innovations on the Ethereum blockchain. With the EIP 1559 update, Ethereum will be faster, more sustainable and more efficient. This is seen as a milestone on the way to the second version of the Ethereum blockchain. In recent weeks, investors have increasingly focused on the potential of the London Hard Fork and drove the ETH price upwards.
London Hard Fork: That’s what the analysts say
Basically, the crypto analysts all see the London Hard Fork as an important step towards the future-proof Ethereum blockchain. But in the short term, there are different views on the development of the ETH course. Sometimes a short-term correction in the ETH course is feared. Laurent Kssis, managing director of the ETPs division at 21 Shares AG, refers to this. Other analysts assume a long-term price increase due to the increasing scarcity of Ethereum. The most extensive update could also spark a hype that favors a unique Ethereum rally. Because the London Hard Fork is almost uniformly classified as one of the most extensive updates of the Ethereum blockchain.
Crypto exchanges with less ETH than ever before
The available supply from Ethereum is currently at an all-time low. The data from Glassnode – a Swiss company – shows that the available offerings from ETH on the various crypto exchanges are at a record low. Currently, the offer to ETH on the stock exchanges is only 13%. This can be interpreted as a bullish signal and provides information about how strong the accumulation of ETH is in terms of market capitalization in the crypto market.
Should you buy ETH now?
Most recently, ETH managed to jump over the $ 3,200 mark at short notice, but then corrected again. With a price increase of over 7% in the past 24 hours, the outbreak is currently being rehearsed for a second time. The ether price is struggling with the 3200 US dollars and has just leveled off slightly above. Since the early hours of the morning one has stayed above the sideways range. Another price increase in the next few hours or days is necessary to confirm the outbreak. Then things could happen quickly with the Ether course – spurred on by the London Hard Fork and the long-term potential.
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