Ethereum Surges To $2,800 Hours After London Upgrade As Short Positions Worth $200 Million Got Liquidated

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The recent Ethereum upgrade has been a much-anticipated event in the crypto space. The upgrade was originally scheduled for last month but was stalled due to some factors. More bullish actions have surrounded crypto second born following the EIP-1559 that took place today.

The London hard fork arrived almost on schedule at 12:33 pm UTC on Thursday at block height 12,965,000. The hard fork brought with it the Ethereum Improvement Proposal (EIP) 1559. Unfortunately, the London hard fork was not received the same the previous upgrades were taken. For example, the Istanbul hard fork that took place during the first month of 2020 saw ether surge by 40%.

The London hard fork on the other hand only saw a 4% increase. Most traders speculated that ETH may be headed for $3,000 following the arrival of the recent hard fork. In an analysis during the last 24 hours, Coinfomania commented on the upcoming hard fork and predicted that the crypto market will benefit immensely from the upgrade as most adults are set to follow there. The top gainers are presumably the ones under ether blockchain.

Unfortunately, the largest alt by market cap missed the $3k mark but experienced a little price hike that saw the coin trade above $2,800. Although the price rally was not as expected, short positions that were worth more than $200 million. True to earlier predictions, the bullish sentiment that is present in the crypto market pushed the bears to lose a total of over $350 million.

More good news from the ether as the coin is showing no sign of reversing its bullish momentum. As of the time writing, ETH crossed its first pivot resistance at $2,813. The new price mark is the highest the largest altcoin has reached in the last two months. The next pivot resistance is at $3,100 and the buyer’s eyes are upon this as a price rally to push the price above the $3,000 mark is underway.

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