Did You Know that the London Hard Fork was One of the Most Anticipated Upgrades in Ethereum?
On August 4, Ethereum activated one of its critical upgrades—the London hard fork. There were several improvements rolled up into this improvement, including EIP-1559 which gradually makes Ethereum deflationary. However, beyond the technicalities and talk of moonshots, do you know that London was highly anticipated and traders positioned themselves accordingly?
As per trading volumes reading, Ethereum's 24 hours participation rate flipped Bitcoin's, indicating the level of commitment, especially from traders. Considering the hype element in crypto, the upgrade was classified as bullish. Many traders were expecting ETH/USDT prices to climb higher—and it has, explaining the uptick in trading volumes, indicating a possible accumulation.
This level of FOMO could offer support for ETH in the weeks to come. It is more so because the coin has surged by almost $1k after bottoming up from around $1.75k in July 2021. As the Ethereum network makes Gas fees more predictable while concurrently 'burning' more coins, position traders would most likely benefit. On the other hand, active traders would find more entries and exits, increasing their bottom lines.