With the Ethereum netwrok upgrade, the crypto market dips nearly 2% with the ETH price plunging 2.74%
The launch of ETH 2.0 Phase 0 has adversely impacted the price, and hence the upcoming upgrade could be immensely crucial
The Ethereum price remained constituent reducing the steep pumps and dumps throughout the rally. No doubt some steep plunges also made their way yet the ETH price managed to sustain the trembled situation. A major part of ETH 2.0, EIP 1559, London Hard Fork is approaching, the impact on the price is speculated.
With the launch of ETH 2.0 on December 01, 2020, the price slashed more than $100 with a price around $600. However, the current hard fork is looked at as an upgrade but not a launch. Therefore a steep drop in price is barely expected.
The current week is one of the interesting weeks for the Ethereum price the impact of the upgrade is directly on the Ethereum miners. But how the ETH price responded to these types of network upgrades in the past? Let’s have a look.
Teddy Vallee, the founder of Pervalle Global, an NYC based discretionary global macro hedge fund, lists the performance of ETH prices during upgrades. And also the price rebound after each upgrade. As per the founder, the ETH price could take 30 long days to jump 5.1%. And if the facts go correct then Ethereum could smash its current ATH after 3 months.
The upgrade is said to have a low impact on the Ethereum price. Moreover, a dump can be expected if in case the upgrade gets delayed yet again. However, the probabilities of a delay appear to be less and the ETH price could have a notable impact with the upgrade.