Is ETH hard fork really bullish? See what well-known analysts say
2 min readETH hard fork London is one of the most discussed events 2021. It is therefore naive to assume that the price will only increase. This is suggested in the following twet by Murfski, an analyst of cryptocurrencies:
“We all ready to sell the news? ** Turns Notifications Off **”
– Murfski (@Murfski_) August 4, 2021
The analyst predicted that the price of ETH would climbs over $ 3,000. If the price reaches $ 3,000, a reduction to $ 2,000 could quickly follow if the token starts selling after the upgrade.
Is ETH hard fork bullish?
A look at what you can expect from the Ethereum price after the London hard fork, it is possible to get a look at how they affected the price of the previous update. According to crypto analyst Josh Olszewicz, they are local highs on average 80 days after major innovations.
$ ETH local highs have historically occurred 80 days, on average, after previous hard forks. If London is similar, local high should occur around late October / early November.
– Josh Olszewicz (@CarpeNoctom) (I will not dm you) August 4, 2021
These observations were further confirmed by cryptoeconomist Ben Lilly, whose detailed breakdown shows that average yields after updates were 5.1% over the next 30 days, 28.8% after 60 days, and 64.4% after 90 days.
Many expected gains are already included in the price, but there is still room. In the short term, however, it may occur short-term correction.
According to Michael van de Poppe, there is a possibility of correction, even if a hard fork is implemented.
I’m expecting a short-term top to be happening tomorrow on $ ETH. Healthy correction after EIP-1559 before the heaviest bull run of them all happens.
– Michaël van de Poppe (@CryptoMichNL) August 4, 2021
While van de Poppe expects a short – term correction in Ethereum ‘s price, his The long-term perspective for altcoin is bullish. He predicts that the biggest growth will come after this correction.
