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Ethereum Developers Confirm London Upgrade Is Ready for Mainnet Activation

Bingbon Chart

Source: TradingView& Bingbon

Bitcoin is currently in decline from 3 days now, and being traded in the range of $30,000 to $35,000. But bitcoin is pushing toward the lower bottom of the range at $30,000. However, the $30,000 mark is known to be the “Safe Zone,” where bulls consider that BTC is still in solid support. At present, it is unknown if Bitcoin will recover from this level, or move downwards from the “safe zone.” The rebound was still very weak which could add to bearish pressures on BTC, leading to a more profound price drop. If support or resistance levels break, traders will need to quickly hedge because prices will move to new levels faster. If Bitcoin manages to break through the $33,000 resistance, then it means that bulls have regained lost ground and can continue to look for some upside.

Today’s Headline

After a successful test-net deployment, Ethereum London Upgrade is now ready to be activated on the Ethereum main-net. It will go live on block 12,965,000, which is expected between August 3-5, 2021. Once activated, the London Upgrade will activate five Ethereum Improvement Proposals on the Ethereum Mainnet. Ethereum enthusiasts are very excited about the shift from Proof of Work (PoW) to Proof of stake (PoS) as the next critical step towards Ethereum 2.0.

EIP-1559 is one of the most eagerly awaited proposals since it will allow users to specify the maximum fee they are willing to pay and the amount they are willing to send to the miner. Part of the transaction fees is set to be burned, and many people in the community are looking forward to burning ETH. It is viewed as a critical improvement over the economics of the Ethereum network.