Ether price flirts with $2,400 ATH as irreversible hard fork looms
Driven by Bitcoin’s (BTC) rise to a new all-time high, as well as much of the broader crypto-currency market, Ether (ETH) continues to push to new all-time highs Wednesday, with the coin’s price hitting the $2,400 area for the first time.
The Ethereum network is expected to be updated in the next day or so, when the blockchain reaches a block count of 12,244,000. At the time of publication, the blockchain was numbered 12,237,070. Assuming the current average blocking time of 14 seconds, the update should take place on April 15, around 12:00 (UTC+1). The upgrade, called Berlin, includes several technical changes, all designed to make the network more cost-effective.
According to data from aggregator CoinMarketCap, the price of the Ether coin reached a record high on the 14th. April highs at $2,397 on several exchanges, after a 10.8% jump in 24 hours. Ether is up 22.4% for the week, while Coin is up 110% for the quarter – a figure that would have been more eye-opening under less explosive conditions in the altcoin market of late.
The Berlin update is being used as a hard fork – an irreversible change to the blockchain protocol. The hard fork is non-controversial, meaning that no ideological differences within the company will lead to the formation of a new coin – as was the case with Ether and Ethereum Classic (ETC) in 2016.
People who own Ether in wallets or on exchanges will not be affected by the hard fork, but miners and Ethereum node operators will need to update their software to sync with the latest version of the chain. Data from EtherNodes.org shows that 72% of Ethereum software customers in Berlin have reached a state of readiness for a hard fork.
Speculation about Ether’s potential short-term price ranges from extreme optimism (and certainly not insanity) to conservatism and restraint.
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