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Why did the price of Ethereum fall right after the Ethereum 2.0 update?

Why did the price of Ethereum fall right after the Ethereum 2.0 update?

  • 4 December 2020
  • 1717 View

According to Cryptocurrency market news and analysis of the Minerland, despite the successful launch of the long-awaited Ethereum 2.0 core network, ether prices fell as bitcoin prices fell.

According to the same report, the price of ether, the native cryptocurrency of Ethereum Network, fell more than the price of Bitcoin in the recent correction. The price of Bitcoin fell by more than 9% in a few hours after reaching its historic high in several exchanges such as CoinBase and Binance. During the same period, the price of ether fell by 11%.

Why did the price of Ethereum fall right after the Ethereum 2.0 update?

What are the effects of the upgrade of Ethereum?

Ethereum 2.0 is a major upgrade to the Ethereum blockchain network that improves the scalability and capacity of network transactions. Before this update, the network had a capacity of 15 transactions per second.

After the upgrade, and possibly as the number of sharing chains increases, in the long run, Ethereum will be able to process thousands of transactions per second.

For the Ethereum network, this upgrade is fundamentally positive. Because it allows decentralized software to operate in the network without barriers to scalability. It will also allow new cycles to work more consistently and have a better user experience for their users.

Ether price modification was expected after the network upgrade. Since the launch of Ethereum 2, the leaders of the cryptocurrency industry have been very optimistic. They were optimistic about Ethereum’s medium- and long-term growth.

What does the co-founder of Ethereum think about the ETH trend?

Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, Knows the Ethereum 2.0 update and a change in the proof-of-stake mechanism as an important upgrade.

He said: “Launching Ethereum 2.0 has features that attract a large number of people to Ethereum. More than 270,000 validators from around the world are now participating in the new Ethereum 2.0 consensus mechanism. Proof-of-stake is an important boost to the economic incentives in the cryptocurrency space, which has established Ethereum as an automated and targeted foundation for building trust. Overall, we are committed to building a network with maximum decentralization.”

What effect has the launch of Ethereum 2.0 had on the price of Ethereum?

According to Cointelegraph, there will be certain vital elements for this drop. Launching Ethereum 2.0, breaking technical patterns at higher timeframes and network fees are the most important factors.

With the launch of the new version of the Ethereum network, we are expected to see an increase in transaction capacity and scalability improvements.

According to many experts, the price of Ethereum up to more than $ 620 does not see much resistance.

Ethereum prices managed to cross the $ 500 mark for the first time since May 2018. The price broke the $ 500 resistance while it had already broken the 2-year channel. Ethereum prices have crossed the $ 580 mark in recent days and are currently fluctuating in the $ 590 range.

Many believe that the Ethereum 2.0 launch, the technical situation, and the fundamental factors support this upward leap. If the Ethereum price can break $ 620, it can go further soon. The next resistance at higher time frames will be $ 782, $ 915, and $ 1,200.

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