Where is ETH Heading After ‘London Hard Fork’? - Kakiforex.com - Financial Market Media No. 1 in the World Where is ETH Heading After ‘London Hard Fork’? Where is ETH Heading After ‘London Hard Fork’?
InstaForex

August 6, 2021

Where is ETH Heading After ‘London Hard Fork’?

 Today, the London hard fork is running and it’s happening in the 12,965,000 block. The London hard fork is one of the improvements that led to several different Ethereum Improvement Proposals (EIPs) and made it work.


In general, the London hard fork is the beginning of the EIP-1559 upgrade which is scheduled to air today Malaysian time at block 12965000. For the record, the first block was produced on the Ropsten testnet on June 24 and the Goerli testnet was the first time the London hard fork was formed. . Rinkeby was the last phase of the trial then was infiltrated by the London hard fork.


It should be noted that these EIPs are implemented as a temporary solution to the problem of transaction fees and some other technical problems while waiting for ETH 2.0 to be ready.



EIP-1559 is one of the most important enhancements in the history of Ethereum. The goal is to improve the user experience at ETH by changing the way transaction fees are paid and how networks respond to usage spikes.


At the time of writing 77% of Ethereum nodes were upgraded to support hard fork. The ETH currency has recorded a strengthening 14 consecutive days and today started to record a slight decline. At this point, ETH is trading at the $ 2,663.41 price level.


Next the market focuses on the nearest support level which is at the price level of $ 2423 and then the price level around $ 2100.