 The highly anticipated Ethereum upgrade which will change how the fee structure works and start to burn coins potentially limiting supply is on track to launch on August 4th according to estimations. The Ethereum upgrade known as the London hard fork has already been rolled out on three different testnet versions of the Ethereum blockchain. So what does this mean for Ethereum and how exactly will this affect Ethereum's price? That's what we're going to talk about today. Let's go ahead and jump in. Hey, what's up Jay here and welcome to Bitcoin daily bringing you guys the best tips, tutorials and ideas to help you guys become profitable and successful investors. The goal of this channel is to empower you the people with the knowledge and resources to put it all together and help you get to that next level. So make sure to subscribe to the channel and hit that notification bell. If you enjoy this video don't forget to smash the like button and if you have any questions drop it in the comments. The London upgrade will be initiated at block 12,965,000 which is expected around August 4th. This date is an estimate depending on the number of blocks produced on Ethereum between now and then. The London hard fork will include a major change to the way transaction fees work on the Ethereum blockchain. Under the current system users send what's known as a gas fee to miners as payment for transactions to be verified in a kind of auction. Miners complete transactions and create cryptocurrencies by using computing power to solve puzzles on the network. But when the network is busy as it increasingly is the auction system means users have to bid larger amounts and estimate the appropriate fee leading to volatility and sharp price rises. To address the problem Ethereum's developers have agreed to a major change known as EIP 1559. Under the new system gas fees will be replaced by a mandatory and automatically determined base fee which would fluctuate according to network congestion. Users will be given the option of paying miners tips if they need transactions completing quickly. The most exciting part for many Ether holders is that some of the so-called gas fees will be burned and destroyed after each transaction. It means the burn rate could surpass the rate at which new coins are issued potentially boosting the price of Ethereum. Could a lower supply of Ethereum help the world's second biggest cryptocurrency challenge Bitcoin as a store of value? It might be a long stretch but at least this definitely brings it closer. The Ethereum network is also set to undergo an even bigger overhaul known as Ethereum 2.0. Under Ethereum 2.0 the blockchain will operate on a proof of stake system where it is secured by users putting forward an Ether stake to gain the right to validate transactions and earn coins but that's still not expected until around 2022. Alright so now that we've covered the technical hubla now what exactly does that mean for probably what you guys really care about which is Ethereum's overall value. So I am definitely expecting Ethereum's price to run up leading up to the date of the upgrade and possibly after the date of the upgrade. Now like we said in yesterday's video and on last week's video that we do have a lot of selling pressure still this week and this month. So as you can see on the chart here that's obviously been driving the prices down but after July 18th that selling pressure could begin to subside and we might be able to see some bullish in the market especially in Ethereum. So this could very well be an opportunity to buy right now leading up to before it starts getting hyped up as we get closer to August 4th. So now there's no way to know exactly where the price is going to go but we can just talk about some ideas here. So as you guys can currently see on the chart we're right at the bottom of this range that we've been treating and this is a major level here that we need to hold right. So last time we broke below this level we went all the way down to around 1700. So hopefully we don't go that low this time around but we could still see the price get pulled down possibly down to that 1800 level as we go up to the 18th which is at the end of this week depending what happens there with Bitcoin will be how Ethereum overall reacts right. So if Bitcoin gets pulled down then Ethereum is going to get pulled down with it just like the rest of the crypto market. If Bitcoin doesn't get pulled down then we should be seeing a bounce back here soon on the Ethereum price. Now let's say that we do get pulled down maybe to the 1800 and then the 18th passes you know all the sell pressure subsides and you know we have two weeks to go before the upgrade. So let's say around maybe a week from now maybe Wednesday the 21st of July maybe around then we could begin to see prices go up basically will be two weeks out from the upgrade and we could definitely see I know I know one week out for sure we will be seeing some movement there so that would be on the 28th. So I know for sure two weeks out I'm not sure if we're gonna see movement yet at that time but I believe around the 28th for sure we should begin to see some movement up. So any drops in the next week or two I believe will probably end up being some good long opportunities here in Ethereum as the upgrade comes in the next few weeks and we might we could probably see a bump up on this price here. So the top of the range for the bump up let's say we were to go down to like 1800 or so I would expect the price to jump right back up leading up to the upgrade and maybe go as high as around maybe 2500 or so the previous high that we had here in the last few weeks on the 7th was right around 2400 so I think we could probably get above that and retest this Fibonacci level up here and that's right around that $2500 level. Now of course if we can break beyond that we could start eyeing that $3000 level which is basically the prices we were at back here. So even a jump from where we currently are right now up to around 2500 that would be around a 25% move probably more let me see let me go up to 2500. Yeah so that's about a 27% move if we were to go to the top of this range up here now we're talking about possibly around a 48% move. So those would be the two targets that I be eyeing here you know 2500 would be that first target that's around a 27% move and if we were to really go parabolic and break out of that then we're talking about a 50% move basically on this upgrade. Now of course this is not going to happen overnight but I expect with the hype remember the first target would be around here so that's around a 27% move if you know things just go crazy then I definitely expected to reach possibly that $3000 mark which would make that around a 50% move at that point. So remember there's no way to tell where the price is going to go we're just playing around with some predictions you know some estimates using some support and resistance levels that we've seen here in the past using the trading ranges that Ethereum's currently been trading in and using the top of the ranges right so that's how we got our estimation our prediction based on that and that's based on bitcoin not like dropping really really hard right if bitcoin were to drop in the next week really hard then we could possibly even test the 1600 to 1400 level which would make you know the jump back up would not be as big so I will definitely be buying any dips that we get any thumb over the next week or two. Alrighty guys that's pretty much it I hope you enjoyed this video if you did don't forget to smash that like button if you're new to the channel don't forget to subscribe to the channel and turn on that notification bell thank you guys so much for watching this video I will see you on the next one as always peace and love