Ethereum smashes through $3k in 12% hike in 24 hours – crypto enters 'new bull market'

The world’s second biggest by market capitalisation just experienced a major upgrade that came into play on August 5, 2021. Now the Ethereum London Fork upgrade is live on the Ethereum Mainnet. The updates will see lower Ethereum gas fees, faster transaction speeds and lead to a less energy intensive ‘proof of stake’ consensus mechanism.

All of the updates agreed at the London Fork will make Ethereum much more attractive in the long-term as the world’s primary decentralised finance network, a prospect that has caught the interest of global financial institutions.

Cointelegraph crypto-contributor Michael van de Poppe, has now tweeted: “Ethereum makes a massive bounce upwards here from the critical level at $2,535.”

Yesterday on his popular podcast Mr van de Poppe added: “Ethereum was continuing towards its upper resistance.”

He added that breaking above this upper reliance level “is going to guarantee further upward momentum”.

READ MORE: Bitcoin price: Expert predicts crypto ‘to close year on high note’

Today, Ethereum has broken through this upper resistance level and Mr van Der Poppe greeted the upper momentum today by tweeting that it was a “good morning in this new bull market”.

This is a view echoed by Konstantin Anissimov executive director at CEX.IO, who spoke to Express.co.uk and said: “Given how global governmental regulation is hitting new heights, Bitcoin, Ethereum and other major cryptocurrencies suffered greatly during May to July 2021.

“With Ethereum’s London hard fork, Ethereum’s price is expected to rise to above $3,000 in the coming weeks.

“In my opinion, the London hard fork could mark a significant change in Ethereum’s reception.

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“I believe Ethereum will surpass $3,000 in evaluation by the end of August, provided we do not see drastic governmental intervention in the form of cryptocurrency bans or hard-hitting rules and regulations.”

However, Mr Anissimov said that the whole cryptocurrency sector could be adversely affected by the proposed $550 billion bipartisan infrastructure bill that could be passed in the US.

The executive director said: “If the bill is passed, Bitcoin and cryptocurrency profits will be taxed and used towards funding US infrastructure.

“Cryptocurrency exchanges and wallets will have to collect more user data.

“In my opinion, it is impossible to ensure compliance and the industry at large could be impacted by this bill, if it is passed.”

The news comes as bitcoin comes very close to its 200 day moving average that shows an upward long term trend for the world’s preeminent cryptocurrency.

Bitcoin is now priced at $43,552, with a daily high of $43,904.

Roy Walsh

Roy Walsh

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