Ethereum Price Leaps To $2,600 Ahead Of The London Hard Fork

BBCStaticMiner is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.The ETH/USD closed at $2,554.78, after placing a high of $2,696.68 and a low of $2,512.20. The ETH/USD continued its bullish streak for the 12th consecutive session on Sunday, reaching its highest level since June 7, amid the improved market sentiment surrounding the Ethereum network.Furthermore, the prices of the ETH/USD surged on Sunday, despite the rising prices of the US dollar. The greenback was high on board as the DXY reached the 92.20 level on Friday, gathering its strength back and capping further gains in the ETH/USD. The US dollar was high, as the US Federal Reserve backed traders’ hopes that interest rates will not be hiked anytime soon.With the London hard fork approaching, the balance of Ethereum on exchanges has been shrinking too. In fact, it has been hitting consecutive lows of late. Towards the beginning of June, the cumulative balance on exchange wallets was well above the 21 million mark. However, within the span of two months, the same has fallen by over 1.5 million.Additionally, the exchange net flow indicator also highlighted that the outflows have, by and large, been overshadowing the inflows since June. Cumulatively, these two indicators asserted the fact that market participants expect the price of ETH to react positively to the upgrade. Hence, they are buying additional tokens. It also underlined the minimal selling pressure present in the ETH market today.What’s more, the amount of staked ETH has drastically risen over the past few weeks, and so has the ETH locked in DeFi. What this implies is that ETH tokens being withdrawn from exchanges are not necessarily lying idle, and market participants are playing it safe before the hard fork.Aside from bitcoin’s…