One analyst believes ETH could break above $3,000 before falling sharply to the $2,000 level
With (crypto eth) London scheduled for this Thursday, the event will have an impact on the price of the major currency.
hard fork, then a bang
ETH surged more than 9% on Wednesday night ahead of the London hard fork, with some proposed ethereum improvements related to lower transaction fees, which would affect miner profitability and reduce the money supply
Not everyone believes that ETH will follow an upward trajectory once the upgrade is implemented. Trader and analyst Michaël van de Poppe predicted a “healthy correction.”
I expect a short term top on $ETH tomorrow.
Health correction after EIP-1559, before the worst bull run.
— MICHAËL VAN DE POPPE (@CRYPTOMICHNL) August 4, 2021
The analyst, who goes by the pseudonym Murfski, shared a chart on Twitter that suggested ETH could break above $3,000 before falling sharply to the $2,000 level.
Are we all ready to sell news?
TURN OFF NOTIFICATION PIC.TWITTER.COM/VE7FGUHZCF
— MURFSKI (@MURFSKI_) August 4, 2021
Hard work is not very important.
Economist and tech analyst Alex Krueger believes the upgrade is “exaggerated, and what happens next is what matters,” Coindesk reported.
Also read: Cardano Founder: The Only Ethereum Killer Is Ethereum 2.0
According to information provided by CoinDesk, Delta Exchange CEO Pankaj Balani called the hard fork “irrelevant.”
While a hard fork isn’t something Balani is excited about, it hasn’t dampened his optimism about ETH in the long run. Presumably, he wrote: “ETH may outperform BTC in the medium to long term, but ETH should continue to show a strong correlation with BTC over the next few quarters.”
Uncertainty around burning
Lastly, there is no certainty about what a hard fork actually entails in terms of coin burn. Although Bitcoin is halved, Bitcoin
Meaning halving emissions per block every four years, the burning of Ethereum has caused a lot of skepticism among analysts.
CoinDesk reporter Christine Kim wrote last month: “However, it is difficult to predict exactly how much ether will be burned over time, as the base fee dynamically adjusts based on network activity and block space requirements.”
According to Kim, the proposed EIP 1559, which is related to lowering mining fees, introduces “economic instability” in the network, as the total supply of ETH cannot be controlled over time.