Ethereum developer Tim Beiko announced on his blog that the London hard fork of Ethereum will be launched on August 4th from 13:00 UTC to 17:00 UTC with a block size of 12,965,000. The release date had previously been set for the end of July.

Ethereum Successfully Release its Three Testnets

After the successful release on three testnets (Ropsten, Goerli and Rinkeby), this update will be another step towards the full implementation of Ethereum 2.0, transforming the popular blockchain network from Proof of Work to Proof of Stake.

In a report to investors on Tuesday, Goldman Sachs analysts theoretically analyzed why Ethereum will eventually become a better store of value than Bitcoin.

They believe that Ethereum currently appears to be the asset with the highest practical use potential as it is the most popular platform for developing smart contracts.

Given its pioneering reputation, Bitcoin may have a stronger brand, but BTC lacks some practical use cases for Ethereum. This is partly due to the slow transaction speed.

Goldman Sachs analysts also claimed that no crypto asset can be compared to gold as a means of preservation, as the high volatility of digital currencies makes it difficult to compete with precious metals.

At the same time, the ETHUSD exchange rate is in a temporary consolidation phase. Volatility is limited by resistance (see Figure 1) – high volume near 2350 – and support (see Figure 2) – high volume near 2230. The upcoming ETH update should encourage a bullish breakout. In this case, the probability increases that the ETH will grow to 3k.