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Ether Near Two-Month High Ahead of Major Protocol Change
Published by maria gbaf
Posted on August 11, 2021
2 min readLast updated: February 17, 2026
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Published by maria gbaf
Posted on August 11, 2021
2 min readLast updated: February 17, 2026
Add as preferred source on GoogleHONG KONG (Reuters) – Ether held near two-month highs on Thursday ahead of a major adjustment to its underlying ethereum blockchain that would alter the way transactions are processed.
The revamp is anticipated to go live on Thursday at approximately 1200 GMT, according to market players. Technically, the upgrade will occur when the 12,965,000th block on the blockchain has been verified.
Ether, the world’s second-largest cryptocurrency, fell 0.5% on Thursday, but has risen about 18% this week and is at its highest level since early June, in the aftermath of May’s crypto market plunge.
The ethereum network underpins a range of projects in the crypto world including non fungible tokens (NFTs) – a crypto asset, representing an intangible digital item such as an image, video, or in-game item – as well many decentralised finance (DeFi) applications.
The upgrade, known as the Ethereum Improvement Proposal (EIP) 1559, will alter the way transactions are processed and provide clearer pricing for them.
It will also reduce the supply of the ether token and is likely to sharply boost its price.
Several large exchanges including Binance and OKEx have said they will suspend deposits and withdrawals of ether and ether-based assets around the time of the adjustment.
They said this was necessary to reduce the trading risks brought about by price volatility and to maintain the safety of user funds.
(Reporting by Alun John; Editing by Sam Holmes)
EIP 1559 is an upgrade that will change the way transactions are processed on the Ethereum blockchain, providing clearer pricing for transactions.
Ether has fallen 0.5% on Thursday but has risen about 18% this week, reaching its highest level since early June.
Exchanges like Binance and OKEx will suspend deposits and withdrawals of Ether and ether-based assets around the time of the adjustment to mitigate trading risks.
The upgrade is expected to reduce the supply of the Ether token, which could lead to a significant boost in its price.
The Ethereum network supports a variety of projects, including non-fungible tokens (NFTs), which are digital assets representing items like images and videos.
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