Ethereum London Hard Fork Set to Launch in August

Ethereum’s London hard fork is arguably the most-anticipated upgrade on the Ethereum (ETH) network since the implementation of the Berlin fork. The London fork complements the ETH 2.0 network transition, which would switch the ETH blockchain from a proof-of-work consensus mechanism to a proof-of-stake.

Reports show that the London hard fork comes with three Ethereum testnets. That said, now that the implementations were successful following adaptations to testnet Goerli and Ropsten, pull request #223 got officially merged.

Tim Beiko, a community manager at Ethereum Foundation, noted that:

“This pull request proposes block 12965000 for the mainnet activation of the London network upgrade,” explained Ethereum core developer Tim Beiko. “The ETA for this block should be between 13:00 UTC and 17:00 UTC on August 4, 2021. We had agreed on ACD116 to decide the block async and try [to] get client releases done for ACD117 (July 9).”

“If we can roughly hit that timeline, then August 4 should provide enough time to advertise the client releases that are mainnet compatible and allow infrastructure providers [and] node operators to upgrade.”

Moving on, the most significant changes coming to the ETH blockchain include EIP-1559 and EIP-3354. EIP-1559 would adjust Ethereum’s free rate to a new scheme that makes Ether a deflationary asset.

Key Ethereum Levels to Watch — July 9

Following a sharp correction yesterday from the $2,300 area to the $2,050 level, Ethereum is now on a rebound and has regained half of yesterday’s loss. This correction got triggered by the emergence of a double top pattern on our 4-hour chart on Wednesday.

As we head into the weekend, which is typically bearish for the crypto market for some months now, ETH needs to get above the $2,200 resistance in the coming hours. Prolonged consolidation below this support line could trigger a drop to the $2k psychological support.

Meanwhile, our resistance levels are $2,400, $2,480, and $2,570, and our support levels are $2,300, $2,200, and $2,100.

Total Market Capitalization: $1.40 trillion

Ethereum Market Capitalization: $251.6 billion

Ethereum Dominance: 17.9%

Market Rank: #2

 

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