The Ethereum price struggles with the London hard fork looming behind the corner as it dropped by 4% overnight so let’s see why is ETH having a hard time, in today’s Ethereum price news.
The recent market crash saw the price of ETH crashing as the market prepares for a launch of the London hard fork. This update has been scheduled for August 4th this year and so far, the investors seem to be very interested in the move. The demand for ETH went up in the past few weeks but even this demand hasn’t seemed to be able to hold up the price of ETH. The Ethereum price struggles with the London hard fork update being launched, even if it made a smaller run-up from the $2000 range into the $2300 range. At one point, it even hit $2400 but this could be as the coin fell right away to $2300.
Ethereum price continues to struggle Source ETHUSD on TradingView.com
The market enthusiasm seems to have held the coin price steady but the hold didn’t last long as with each day, the launch of the EIP-1559 upgrade is getting closer but the price of the coin remains in bearish territory. The recent news coming out of the market shows that ETH keeps growing in popularity and shows that the protocol added 5 million new and unique addresses in 30 days. Even this seemed to not have an impact on the price as the dip happened right on the heels of ETH reaching a three-week high. Lots of investors saw this over the past few days but have no idea what it actually means or what the launch of the update will mean for the entire network.
The hard fork is going to be an update that will change the transaction fee model of the current mechanism and it will turn help to reduce the high fees on the network. The London hard fork is meant to target the mining difficulty of the network and the upgrade will help to make proof of work mining even more difficult but it will ease the mining of the proof of stake mechanism. So far, all of the indicators pointed to a bearish pattern for Ethereum and the price is now trading lower than $2100 with a downturn looming. The RSI dropped below 50 and the number shows that ETH is now in a bear market.
Ethereum price above $2,000 as bulls struggle to keep the price up Source ETHUSD on TradingView.com
The drop came as investors started believing that the hard fork will experience another delay. The upgrade has been riddled with delays as the founder Vitalik Buterin once stated that the cause of the delay has been of the people getting involved in the project.