Bitcoin Forum

Ethereum will be upgraded in a few hours. Will the 1559 fee structure change drive the Ethereum bull market?

Because of changes in gas fees, what other investment opportunities are there in the market?

I think Defi, NFT and prediction market sectors, which frequently use the Ethereum network, will have new highs.

Defi: COMP AAVE
NFT: AXS MANA
Forecast: X-predict REP

We all have suffered with the incredibly and ridiculously HIGH gas fees in using the Ethereum network and this has affected many projects with many who shifted to Binance Smart Chain for the very reason. Now, if this can somehow be given the right solution am sure that it can be a great boost to the price of Ethereum and many other tokens/coins using the network. We need this and it must be implemented as soon as possible.

I was about to say this, if the new iterations will solved the high gas fees, then we will somewhat get elated and could push the price to a bull run. But if the new release is now as it what projected, then Ethereum will suffer a downtrend here.

So let's see how it goes, maybe some projects who shift to BSC will go back to Ethereum because after all Ethereum was used to be the number one smart contracts and Dapps.

EIP-1559 boosting ETH's price but it's rare to see Ethereum perform well when BTC is on a downtrend. The point it still depends on BTC movement.

They will probably just use the bridge and utilize both blockchains so they won't lose their user base who still prefer BSC. I even see projects crossing to Polygon and vice versa. It wouldn't surprise me if there will be tri-chains soon. Cross-chains is the trend nowadays anyway.

It's already happened and this time people are waiting for the news to sell their coin. This may create a small correction to the ethereum but so far it's still giving a good performance.
This update can't drive the bull market for ethereum significantly.

All of the decentralized applications should become the next investment opportunities dude.

I actually think this will only be momentum for ETH. not a bull rally for the whole market. but adoption will really be seen in ETH.
currently, bitcoin is experiencing a price decline but ETH is getting a price strengthening in the market. the pump may be in preparation.

Personally, I think we have to manage our expectations but at least there must be some solid good effects that this update can do to Ethereum. I heard that this is never the total solution and there can be more other upgrades scheduled but as what I said there must be something we can see for EIP_1559.  As to Binance Smart Chain, there is no question that it already many good inroads and it also able to established a good and huge community so that more projects are present in both networks and I am even seeing one that is developing the multi-chain bridge. Anyway, let's see and watch what can happen.

I see that the cost of transactions has increased since the hard fork.
https://www.gasnow.org/
When the cost of transferring Ethereum is $ 4, and the cost of transferring tokens is $ 10, then the market will definitely not grow.
The new hard fork did not solve the problem of expensive transactions, so the main hope is for level 2 solutions.

^  The solution could also be more blockchains independent of each other but interoperable at the same time.  You want decentralization?  It can’t be as decentralized as that.

And was making fees low really what the devs were going for?

Anyway, where can I see the fee burn per block?  I heard there are some blocks with as much as 1  - 2 ETH burned per block.  Lol.

I do agreed with ur points

Maybe I'm just old school, but I don't prefer those tri-chains and cross-chains, but if they can design t hat it can operate and utilizes their blockchains then why not, I just don't feel decentralization anymore with that kind of setup.

Anyhow, I haven't try any ETH transactions but there are reports that the fees are still very high? Wait and give them some time then?

IMO, I believe that EIP-1559 will not solve the gas problem on the Eth network, it's a downturn because the transaction fees are still high, after the implementation of the London upgrade we are just expecting the unexpected the high hopes are all gone. because the transaction fees are still high. Now I have no doubt that the layer 2 blockchains are the only answer to the Eth gas problem.

The burning rate meanwhile is settling at 2.3 ETH per minute, i.e. approximately $7000 at current prices. More generally, it's expected that by the end of the year, commissions for a combined total of between 800 thousand and 2.4 million ETH will be burned. By the time the switch to Serenity occurs, Ethereum could become a deflationary cryptocurrency for all intents and purposes.
That might change ETH narrative a bit.

Since it is not fully in 100% affect just yet, we are still having a big trouble and it will definitely stay like this for just a while. The gas fee right now is a bit higher than what it was a week ago, and I know that sounds weird because we were expecting it to drop, but that is not going to happen overnight, something happened and it will happen to drop in price gradually because of what happened. Since, we couldn't get there quick enough.

Let's wait and see when it will happen, I really need it to drop under $1 for this to make sense, if it doesn't happen like that then this was absolutely not worth the situation at all, we should not really be happy about it unless it drops under $1, if the gas fee doesn't drop under that then why the hell did we do this anyway? We talked about this for nearly a year now, and talked about it a lot for the past 3-4 months, it should make it a lot better.

Ethereum alone will soar because it keeps burning from now on. And with those projects that are built on its network, it depends on the response of its community and there's no assurance that they'll also pump.
Not all NFTs are investable and demanding but there really are those that are taking the scene and making profits out of its community while its community is also earning from it.

I hope so but I'm not in the after of the price to move high and turn bullish, what I'm looking for is that if this upgrade will become the solution to the high fees that we suffered for several months. Because in the first place, ETH price will rise as well when the Bitcoin will pump and much have the chance to get back those investors and traders when high fees will be cut and lowered down.

Anyway, I don't just draw a conclusion, for now, we have to wait until this upgrade will be done and let us see what will have its impact.

The price of ETH is increasing day by day. because the amount is decreasing as a result of burning ETH fees, but unfortunately this has not resolved the high gas price for every transaction on the ETH network. So it is hoped that the gas price reduction will be carried out in the next ETH upgrade.

This upgrade is really interesting but I don't see a bull run. It's still BTC on which everything depends.

Ethereum is about to crossed $3,000 now, so I see a bull run already because of the recent upgrade. And I do think that if wer each $3,000 it can still grow more because of the current positive sentiments.

Bitcoin has broken the $40,000 barrier as well but it might take some time to see it getting to the next which is $50,000.

But we are all good now, I'm sure majority is very happy to see a mini bull run because of the Ethereum EIP_1159.

If the market start reacting to this new nature that Ethereum's having it might reach price levels that we've never witnessed. The burning ratio's still ok but if Eth will become a deflationary system that might be a compelling argument against BTC. I see them differently but one can't deny reality.
On thing's certain: with the POS switch it will start to lose that proprerty but right now that's interesting.

Yeah, a daily closing above 200 MA really looks bullish atm. I now see 50K too but I won't long from a position like this. I really like being a bear provided the regulatory issue crypto market is currently going through.

With Ethereum managed to rise to a price above $3000 of course a bull run has occurred, it's all true because there is an influence from the increase
in the price of Bitcoin which managed to rise above $45k. But the increase in Ethereum is also due to other factors, I really believe that the Ethereum
price increase is influenced by Ethereum EIP_1559. Actually whatever the reason is not important, because with the increase in the price of Ethereum
to the price of $ 3000, this opens the opportunity for Ethereum to continue to rise until it reaches the ATH price again. So for Ethereum holders,
please be patient, and don't be in a hurry to sell the Ethereum we have today.