Ethereum’s price could ‘surpass $3,000 by end of August’, expert says amid major update


Ethereum is the second biggest cryptocurrency by market capitalisation, and some crypto-pundits believe it could knock Bitcoin off its first position perch. However, the transaction fees on the Ethereum network are a huge hurdle in advancing the wider use of the cryptocurrency. In May, the average transaction fees on the Ethereum network surpassed $70, making it not ideal for daily retail use.

The London hard fork update to the Ethereum blockchain is expected to resolve the issue of the cryptocurrency’s high transaction fees.

The update that is expected to take place on August 4 will also start its transition from proof of work to proof of stake, which is a less energy-intensive consensus mechanism for validating transactions.


Speaking to Konstantin Anissimov, Executive Director at CEX.IO, said: “The London hard fork could mark a significant change in Ethereum’s reception and price.

“The hard fork is expected to make the cryptocurrency less inflationary and help prepare for the rolling out of Ethereum 2.0 in time to come.

JUST IN: Brexit Britain can adopt TEN policies for economic revolution


But, speaking to about the chances of increased institutional investment in Ethereum, Giacomo Arcaro, an entrepreneur at Growth Hacker, said that this could be the case but advised that “a lot can change between now and then and all we can do is speculate”.

He added: “It’s also possible that this shift is effectively already ‘priced in’.”

However, this is a view that is disputed by Adam Todd, Founder and CEO of Blockster, who claimed that the London hard fork update will see a transaction cost reduction, which he stipulates, “experts expect at about 20 to 30 percent”.


Mr Todd added that this would materialise as not much of a reduction in Ethereum transaction costs “when peak volumes go through”.

He added: “In short, those betting on substantial fee cuts or an ETH price hike will likely end up disappointed.”

The Ethereum London hard fork is part of cryptocurrency’s final stages before the release of Ethereum 2.0.


The hard fork will launch on August 4, after a delay and reschedule from the previous release date of the end of July.

The update will see five Ethereum Improvement Protocols (EIPs), which will include the important EIP-1559 and EIP-3554. does not give financial advice. The journalists who worked on this article do not own Ethereum or Bitcoin.


The current bitcoin price is $31,632, with only a 0.42 percent change in the last 24 hours.

The ethereum price has had no marked volatility today, holding at $1,886.02, with a drop of 0.58 percent in the last 24 hours.


Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 


 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.


This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More