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- Ethereum supporters are giddy with anticipation for the forthcoming London hard fork, which is set to take place on August 5 at a block height of 12,965,000
- While nothing is guaranteed, despite Ether’s strong price performance, the historical tendency of price dumps after big events should not be discounted
- According to Murfski, in my defense, I was positive when the market was at its lowest point
Ethereum supporters are giddy with anticipation for the forthcoming London hard fork, which is set to take place on August 5 at block height 12,965,000. According to data, the price of Ether rose 8.2 percent on the day from a low of $2,450 in the early hours of August 4 to an intraday high of $2,772. A huge price run-up before a major news announcement or protocol update is one of the most typical events in the crypto market, followed by a price drop as those who got in early cash out to lock in profits and others who were late to the party become bag holders.
Because Ethereum’s London hard fork has been one of the most talked-about events of 2021, it would be short-sighted to believe that the price will only rise, as Murfski, a pseudonymous analyst on crypto Twitter, points out in the following tweet. The expert warned against expecting the price of Ether to raise over $3,000, as seen in the graphic. If the price reaches $3,000, Murski believes it will be immediately followed by a drop to as low as $2,000 if the token sells off after the upgrade. While nothing is guaranteed, despite Ether’s strong price performance, the historical tendency of price dumps after big events should not be discounted.
According to Murfski, in my defense, I was positive when the market was at its lowest point. You should be careful as we approach the range highs. Looking at how previous upgrades influenced the price of Ether can provide insight into what to expect from the price following the London hard fork. Local highs in Eth occur on average 80 days after big upgrades, according to cryptocurrency expert Josh Olszewicz. The average returns after upgrades were 5.1 percent in the next 30 days, 28.8 percent after 60 days, and 64.4 percent after 90 days, according to crypto economist Ben Lilly, who also corroborated Olszewicz’s data.
Because of this track record, Lilly is cautiously hopeful that Ether will continue to benefit from the London improvement in the future. Lilly expressed herself as follows, while it appears that many of the benefits associated with Ethereum improvements have already been realized, he believes there is still space. This is particularly true when we rely on our own signals, which point to ETH’s bullishness. London will undoubtedly be an exciting catalytic event to follow in the coming days and weeks.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
