The Ethereum blockchain was recently split in two due to exploitation caused by a consensus error on the nodes of the network. However, the price movement has remained largely unaffected.
For the past 24 hours, ETH traded in a range of $ 3,217.40 to $ 3,284.85, showing minimal volatility. Trading volume is down 16 percent to $ 14.95 billion while total market cap has remained stable at $ 380.6 billion
Ethereum price is approaching $ 3,300 again, suggesting the bulls are preparing for another breakout attempt.
In the past few weeks, Ethereum’s price has struggled to hit new highs. The bulls showed weakness after hitting $ 3,300 resistance on August 14 after a series of slightly higher highs.
Over the weekend, ETH is expected to test the USD 3,300 level again. A significant break above the level could potentially push the rally further to new local highs.
Even if the price of Ethereum was largely unaffected by the incident, it is worth noting that the state of some measures in the chain has worsened somewhat.
First of all, the percentage of active addresses on the last day fell from 0.84 percent to 0.82 percent. The number of transactions also fell from 1.13 million to 1.008 million in the same one-day period.
Additionally, the gas fee was significantly higher than usual on May 27, adding to unfounded doubts about the overall usefulness of Ethereum.
Hence, one of the main goals of the London Hark-Fork was to bring gas prices down. However, given the blue spikes on the final day, it is reasonable to predict that stabilization will take a little longer than expected.