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The London upgrade is scheduled for this week, and it could change the future of Ethereum

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  • Ethereum Foundation has announced the London upgrade scheduled to start this week on testnets.
  • London upgrade to go live on three testnests- Ropsten, Goerli, and Rinkeby. 

The London upgrade will be deployed on the Ethereum testnets before the end of this week. Ethereum Foundation revealed the details of the London upgrade in an announcement on the 18th of June. According to the announcement, the long-awaited London upgrade is scheduled for the 24th of June. Tim Beiko of Ethereum Foundation also talked about the London upgrade in a recent tweet.

Ethereum Foundation announces London upgrade

Initially, the London upgrade will go live on Ropsten, at block 1,049,9401 before the end of this week. After, the upgrade will go live on Goerli and Rinkeby. Upon successful activation of the update on the three networks, the blog post revealed that a block would be set for the Ethereum mainnet, which will be announced later.

After the release of the London upgrade on Ropsten, it will also go live on the Goerli network at block 5,062,605 on the 30th of June. After that, the London upgrade will go live on the Rinkeby network at block 8,897,988 on the 7th of July.

Node operators must upgrade the client version that they currently run to be more compatible with the London upgrade. Speaking to node operators, Ethereum developers stated:

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Ethereum node operators should upgrade their nodes prior to the fork block on the networks they want to participate in. Due to block time variability, it is recommended to update several days before the expected date.

To this effect, the Ethereum Foundation has listed the links to the upgraded client version. The links are available for go-ethereum (geth), Nethermind, Erigon (f.k.a. TurboGeth), Besu, OpenEthereum (f.k.a. Parity), and EthereumJS VM.

London upgrade’s EIPs

The upgrade will come with five Ethereum Improvements (EIPs), including EIP-1559: Fee market change for ETH 1.0 chain and EIP-3198: BASEFEE opcode. Others are EIP-3529: Reduction in refunds, EIP-3541: Reject new contracts starting with the 0xEF byte, and EIP: 3554: Difficulty Bomb Delay to December 1st, 2021.

Ethereum Foundation highlighted that EIP-1559 brings some changes to the block header, introduces a new type of transaction, includes new JSON RPC endpoints, and changes behavior clients in different sectors such as transaction pool, mining, and more.

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Furthermore, EIP-1559 addresses the increasing gas fees in Ethereum. The EIP adopts standard charges managed by algorithms on the network. As a result, the fees rise during a busy market and fall when the market is open.

EIP-1559 is positioned to trigger an increase in Ethereum (ETH) value as it will reduce the supply of ETH. In addition, with the EIP, part of the fees previously paid to miners will be burned instead of sending them to miners.

At the time of writing, ETH is down 8.30 percent to $2,016. The second-largest cryptocurrency by market cap has also lost more than 8 percent in the last 24 hours. However, ETH has surged nearly 39 percent in its trading volume over the last 24 hours.

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Ethereum

Ethereum Price (ETH) Inches Closer to the $4k Mark! Institutional Investors seem Bullish

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Over the last 24 hours, the market has been in the green. Ethereum is up 4.04 percent, while Bitcoin is up 3.74 percent. Early on, the Ethereum cryptocurrency entered a little bullish phase, and the price of Ether appears to have breached the level of $3,800.

In the previous few days, ETH has made a significant advance, and the coin is currently approaching a test of the $4k threshold. 

A several-day sluggish retreat from the barrier was visible to the $3,400 mark. A firm foundation was built earlier this week after multiple efforts to break lower.

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According to popular analyst Michael van de Poppe, December is frequently the ideal time to buy altcoins. 

He claims that If history repeats itself, we might see a 200 percent run on $ETH/BTC towards the ATH region from there, but first there will be a larger pullback while #Bitcoin continues to perform well.

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ETH Price to $4000!

Fundstrat, an independent financial research firm, has some exciting news for Ethereum fans. According to the firm’s technical research, Ethereum is on the verge of a massive bull run that will push it past previous all-time highs.

“Ethereum Looks To Be Starting To Gain On Bitcoin After A Near One-Month Period Of Underperformance Throughout September.”

The crypto’s soaring market share, according to Fundstrat, will propel it over the psychologically significant $4,000 threshold. A convincing move above $4,030 would bolster the bulls, putting the coin on track for a new all-time high of $4,950. 

Crypto exchange Coinbase recorded a withdrawal of 400k Ethereum yesterday, according to on-chain data. This could be a hint of institutional investment activity, which would be good for the coin.

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Approximately 400k ETH (1.5 billion at the current exchange rate) was removed from the crypto exchange Coinbase yesterday, according to a CryptoQuant report. 

The fact that institutional investors are bullish on ETH could spell disaster for the cryptocurrency. If ETH is to advance to the next level, it will require a significant amount of capital, which normally means that whales such as institutional investors will be required to participate.

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Ethereum Forecast October 18 — 22, 2021

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Ethereum ETH/USD ends the trading week at 3847 and continues to move as part of the rise and the formation of the ”Triangle” pattern. Moving averages indicate a bullish trend for ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the area of ​​3055. Where can we expect a rebound and a continuation of the rise in the rate and value of Ethereum with a potential target above the level of 4755.

Cryptocurrency Ethereum Forecast October 18 — 22, 2021

An additional signal in favor of raising the ETH/USD quotes in the current trading week on October 18 — 22, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the cryptocurrency value in the current trading week will be a fall and a breakdown of the level of 2845. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 2235. Confirmation of the rise in the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 4355 , which will indicate a breakdown of the upper border of the ”Triangle” model.

Cryptocurrency Ethereum Forecast October 18 — 22, 2021

Cryptocurrency Ethereum Forecast October 18 — 22, 2021 implies an attempt to test the support area near the level of 3055. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 4755. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength. Cancellation of the growth option will be a fall and a breakdown of the area of ​​2845. In this case, we should expect a continuation of the decline with a target below the area of ​​2235.

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Ethereum Towers Above Axie Infinity and Altcoin Projects, Earning $777,000,000 in Revenue in Just One Month

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Ethereum as ultra-sound money

Ethereum’s (ETH) protocol revenue is towering over play-to-earn game Axie Infinity and other altcoin projects.

Data from Token Terminal shows that the smart contract platform’s protocol revenue in the past 30 days reached $777 million, far surpassing those of Axie Infinity ($183.6 million), non-fungible token (NFT) marketplace OpenSea ($70.1 million), decentralized margin trading platform dYdX ($49.9 million) and digital payment system Filecoin ($16.7 million).

Ethereum’s big number comes after the blockchain launched its major upgrade in preparation for ETH 2.0. Crypto exchange Kraken says that more than $1 billion worth of ETH has already been burned since the London hard fork was activated in August.

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ETH’s hash rate also hit an all-time high on September 21st with miner revenue surging to as much as $70 million in early September amid rising demand for NFTs and optimism over ETH’s future.

Source: Token Terminal

Despite placing at a far second, Axie Infinity’s native token AXS saw a spike in price following reports that its developer, Sky Mavis, is now valued at $3 billion. The platform is on track to bring in $1 billion in revenue from in-game transactions this year. 

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