Ethereum had experienced an impressive run before and right after the long-awaited London Upgrade that was completed on Thursday, August 5.
The bulls’ expectations were linked to the changes that introduce burning fees collected by miners, effectively lowering the constant pressure to sell ETH.
One of the improvements introduced by the hard fork makes transaction fees less volatile and improves the overall experience. Changes to Ethereum will make it difficult for miners to earn money and may even get rid of mining altogether.
At a point, ETHBTC was up 26% this week, trading at 0.73, but at the end of the week, the enthusiasm waned, and the price dropped below 0.68.
Notwithstanding, we are going through a bullish two weeks across the crypto. ETHUSD rose by 57% in the last two weeks and is trading around $2,775 at the moment.
Surprisingly BTCUSD was more up and down but still managed to rise impressively 38% since July 21. Bitcoin tries to convert the $40k resistance into a permanent support trading at $40,772 on PrimeBit.
On Friday, the total crypto market volume jumped 22% to $100.09 billion, while the global crypto market cap dipped 2% to about $1.65 trillion. Litecoin, over that time, followed BTC closely, making almost identical percentage gains.
It may take some time – possibly even weeks – for the London Upgrade changes to have a real impact on Ethereum price. The update needs to spread across the ecosystem – wallets, bots, etc.
Make sure you trade BTCUSD and ETHUSD over that time.