The price of Ether, the second largest cryptocurrency in the market by market capitalization, has just increased above the $2,000 psychological barrier in anticipation of the London hard fork.
According to data from CoinMarketCap, the price of the asset has risen by 4.96% over the past 24 hours and is now trading at $2,083 just a few days before the London hard fork is activated on the crypto’s network.
It appears that the current price rebound is part of the correction that started on Saturday after the recent market crash.
Market analyst Research 25/7 has tweeted:
“Ethereum targets $2,045 first” after joining the general market “recovery wave. After the dip, ETH is in consolidation and looks ready for the break higher With the only pivot in the way, the triple top around $2,045 is set as the next price target.”
The price of Ether is increasing together with that of Bitcoin, which has added 2.02% over the past day to $33,902.08, showing there is now a positive correlation between both cryptocurrencies.
Other analysts believe that the price of Ether is rising in anticipation of the London hard fork, which is scheduled to happen next month. Among other things, the network upgrade aims to reduce gas fees.