Bulls Take Over Market As Ethereum Price Surpasses $3,000, Why Rally May Continue

Ethereum has surged forward as London Hard Fork is up and running smoothly. Following the Hard Fork and the implementation of EIP-1559, the price of ETH has continuously run-up, as interest in the Ethereum network grows. The price broke $3K for the first time in over a month during the weekend, which saw the price of bitcoin surge past $44K. ETH price promptly followed the price rally. Although the price of ETH has fluctuated following this, breaking back down below $3,000, the price has since recovered back up above $3,000. This shows the incredible hold strength being represented at this current price level. Hold sentiments continue to grow across the market. Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes Investors remain optimistic for the launch of ETH 2.0 which is scheduled to launch in 2022. Moving the network to a mechanism that sees the energy consumption of the asset cut down by 99.5% is a catalyst for a price surge. This would have solved one pain point for investors and miners alike in the market. The price rally of Ethereum correlates with a price rally that is currently being experienced across the market. Coins are posting tremendous profit as the weekend closed to usher in the new week. Ethereum Turning Deflationary The proper launch of the EIP-1559 presents the asset with the ability to turn deflationary over time. ETH coins are being burned instead of being sent into circ...