#Ethereum price hits two-week highs. Will Ethereum (ETH) continue to rise? What were the reasons that triggered the upward movement?
Ethereum, the world's largest altcoin by market value, broke a recent record today. Ethereum (ETH) has made a nice peak, with Ethereum price seeing $2,350 for the first time since mid-June. Bitcoin price stability and the approaching hard fork have of course increased the risk appetite of investors. Will Ethereum (ETH) continue to rise?
🔥Ethereum (ETH) Bulls Gain Strength
The $230 Million Ethereum option expiring and the upcoming London hard fork and the fact that Bitcoin is holding their support, albeit for a short time, made the Ethereum bulls gain strength in the short term. We have come to the end of a beautiful week in July, which started in red. It's good that the weekly close is green, and if there is no negative news, markets are expected to remain green on Monday.
Ethereum price, which increased by more than 6 percent today, saw $ 2,370 for the first time in two weeks. Even though the trade volume remained a little low at $18 billion, the rising price made short term buyers happy at 1.900 gold. The news of the Ethereum buying opportunity that we announced recently brought those who took the issue seriously, 22% in a week.
🔥Ethereum-Based DeFi Projects on the Rise
#DeFi projects that predominantly use the Ethereum network also had a good weekend. Today, when all projects are taken into consideration, the cumulative gain has reached up to 9%. The total market leather of DeFi projects has exceeded $67 Billion with the latest rise.
The fact that the price of Bitcoin exceeded the level of 35,600 was of course the biggest reason for these green markets. The expiration of price options also allowed Ethereum bulls to take over the price again. Will Ethereum continue to rise?
One of the most important events that will trigger the price upwards is the London letter fork. This important update that will affect the future of Ethereum has taken a serious path and there will be important developments this month.
🔥Ethereum London Hard Fork
The Ethereum network had the Ropsten testnet connected for the London Hard Fork covering the #EIP 1559 update. It is expected that work will be carried out on the main network this month. The next update will affect the price extremely positively, we may even see a new Ethereum price above $ 3,000 depending on Bitcoin movements.
🔥What will change when the update is fully implemented?
It will switch from the PoW algorithm to the Proof-of-Stake algorithm, which consumes more energy and will reduce the Ethereum carbon footprint by 99%. This is perhaps the most important detail and will be an innovation that will affect the future of Etherum.
Network charges will decrease
🔥Ethereum network will improve on speed
With the PoS algorithm, a significant part of the investors will lock their assets into the network, as there will be income gain from "stake". The biggest impact will be that circulating supply will become scarce. In other words, there will be less Ethereum on the exchanges, and the price of every rare commodity will increase, as will Ethereum (ETH).
Ethereum surpassed Bitcoin in the number of new addresses last week. This shows that as we said at the 1.850 level, the Ethereum price is already cheap and continues to rise depending on Bitcoin movements.
