|

Ether price flirts with $2,400 ATH as irreversible hard fork looms

Led by Bitcoin’s (BTC) ascent to a new all-time high, along with much of the wider cryptocurrency market, Ether (ETH) continues to push new all-time highs on Wednesday as the coin price flirted with the $2,400 range for the first time.

The Ethereum network is scheduled to undergo an update in the next day or so when the blockchain reaches block number 12,244,000. The blockchain was at block number 12,237,070 at time of publication. Based on current average block times of 14 seconds, the update is poised to land on April 15, at around 12:00 PM (UTC+1). The update — dubbed “Berlin” — will introduce several technical changes, all aimed at making the network more cost efficient.

The Ether coin price peaked at $2,397 on numerous exchanges on April 14, according to aggregator data from CoinMarketCap, following a 10.8% growth surge over 24 hours. Ether’s growth for the week stands at 22.4%, while the coin price is now up 110% for the quarter — a figure that would be more notable under less explosive circumstances in the altcoin market of late.

The Berlin update will be rolled out in the form of a hard fork — an irreversible change to the protocol of a blockchain. The hard fork is non-contentious, meaning no ideological differences in the community will lead to the formation of a new coin — as was the case with Ether and Ethereum Classic (ETC) in 2016.

Anyone holding Ether in wallets or on exchanges will be unaffected by the hard fork, however, miners and Ethereum node operators will have to update their software to synchronize with the latest version of the chain. Data from EtherNodes.org shows that 72% of Ethereum software clients have achieved Berlin-ready status in anticipation of the hard fork.

Speculation surrounding Ether’s potential price movements in the short term has ranged from tremendously optimistic (and definitely “not crazy”), to conservative and measured.

Author

Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

More from Cointelegraph Team
Share:

Editor's Picks

XRP extends recovery as ETF inflows, futures interest stabilize
Ripple (XRP) ticks higher, trading at $1.42 on Wednesday while building on a recently confirmed support range between $1.30 and $1.35. The token also sits above major moving averages, reinforcing the bullish outlook. However, upside could remain capped unless the psychological barriers at $1.50 and $1.70 are cleared, paving the way for an extended recovery above $2.00.
Crypto Today: Bitcoin, Ethereum, XRP regain strength as US Treasury doubles down on buybacks
Bitcoin (BTC) is trending higher alongside other major cryptocurrencies on Wednesday. Ethereum (ETH) has reclaimed $2,500 as short-term support, raising the odds that the uptrend will gain momentum. Meanwhile, Ripple (XRP) shows signs of recovery, trading near $1.44 while supported by key moving averages.
Bitcoin climbs as Oil tops $100, equities drop after Iran strikes
Bitcoin rose as much as 1.6% since midnight UTC to $79,742 as U.S. Central Command said it destroyed five Iranian oil tankers on Tuesday night and Tehran responded with missile strikes on American bases in Jordan. Brent crude topped $100 a barrel for the first time since July. The largest cryptocurrency was recently trading near $79,000. Ether is 0.3% higher at $2,490 and XRP has added 0.4% to $1.42
Zcash breaks above 2018 highs, eyes 1600–2500 [Video]
We have talked extensively about the bullish outlook for Zcash (ZECUSD) over the past year, repeatedly highlighting the potential for a move back toward the 2018 highs and the $1,000 area. As anticipated, Zcash has now broken above its 2018 highs and pushed into the $1,000 region. The key question now is: how much upside remains?
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.