When is ETH London hard fork?
Ethereum's long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.” Yahoo FinanceEthereum’s London Hard Fork Expected to Launch on Aug. 4
09 July, 2021 - 11:05am
The ETH/USD closed at $2,317.13, after placing a high of $2,396.83, and a low of $2,308.63. The ETH/USD rose during the first half of the trading session on Wednesday; however, it faced some pressure in the second half, losing its daily gains and turning red for the day, with minor declines.
Ethereum, which is the second-largest cryptocurrency, rose during the first half of the day on Wednesday, after analysts at Goldman Sachs said that ETH has the highest real use potential, and it could overtake Bitcoin as a store of value in the cryptocurrency space. Goldman Sachs predicted that Ethereum’s market capitalization could overtake Bitcoin’s market capitalization one day, as it has more real use cases than Bitcoin. The lower real use of Bitcoin claimed by the investment bank is due to the slow transaction speed and high transaction fees.
On the other hand, the US dollar, which is negatively correlated with the ETH/USD, remained vital for the day and kept the crypto under pressure. The ETH/USD then turned red during the late trading hours on Wednesday, when the US dollar started gathering strength against its rival currencies, after the release of the minutes of the FOMC meeting. The minutes revealed that the economy was still far from reaching the substantial further progress goal set by the central bank. When the goal set by the bank is met, the Fed will start easing economic stimulus measures.
09 July, 2021 - 02:34am
No sign of a breakout as $33,000 becomes resistant overnight, and altcoins trade mostly flat as a result of BTC price weakness.
Earlier in the week, $33,000 saw multiple tests but remained in place as support, this only coming undone on Thursday.
The $33,000 price level then became involved in a form of short-term support/resistance flip, with Bitcoin unable to reclaim it and, conversely, seeing rejection at each attempted rally.
At the time of writing, the largest cryptocurrency traded at around $32,700, stuck in a narrow range with $32,000 as its floor.
For popular trader Crypto Ed, the time was right to eye macro trends for hints as to what could happen to Bitcoin next.
In particular, the United States dollar was on the radar — upside in the U.S. dollar currency index (DXY), currently at 92.4, should first subside in order for crypto markets to have room to breathe.
“Still keeping an eye on DXY for strength in crypto... I think not before DXY reaches red box, reverses and continues its downtrend. ~$94,= it is,” he commented on the day.
As Cointelegraph often reports, DXY strength tends to be coupled with increased price pressure on Bitcoin, with the reverse also true. This inverse correlation is not fool-proof, however, with the past year seeing multiple exceptions to the rule.
On altcoins, meanwhile, gains were muted by Bitcoin’s slide lower.
The top 50 cryptocurrencies by market capitalization saw modest losses overnight, contrasting with previous strength.
As noted by trader and analyst Rekt Capital, however, price action can still target levels below $2,000 and remain “confluent” with the overall uptrend in 2021.
“Lots of confluent support in the $1850–$2000 area,” he added as part of various comments on Thursday.
An attack on 0.07 BTC for the ETH/BTC pair likewise ended in defeat as the week drew to a close, this itself short of major resistance at around 0.075 BTC.