Excitement and momentum around the Ethereum integration upgrade may not end well according to one analyst
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Answer Excitement and momentum around the Ethereum integration upgrade may not end well according to one analyst
Avi Fleman, an analyst, veteran trader and hedge fund manager told me that the cryptocurrency market is currently in a profitable position but it may not necessarily end well.
Impact of Ethereum Upgrade on the Market:
In his latest tweet, Mr. Fleman shared his concerns about the ongoing excitement around the crypto market.Read:The ICON project enters the world of decentralized finance (DeFi) with this new update…Details here
He attributes his concerns to the high expectations of Ethereum owners about the activation of the update and the upcoming Ethereum merger.
He opined that such observations can be confirmed by the lackluster performance of both bitcoin and major altcoins.
Compared to the astonishing rise in the price of Ethereum, Bitcoin has been performing poorly in the past days.
Such situations seem profitable but are not always good for the mid-term performance of the cryptocurrency markets.
Mr. Fleman added:
For example, we can see the activation of the “EIP-1559” upgrade and its effect on the price of Ethereum.
Currently, Ethereum is struggling to stay above the $2000 level.
The second cryptocurrency is up 18% over the past seven days.
While Bitcoin failed to overcome the $25,000 resistance.
The number one cryptocurrency by total market capitalization is currently trading at $24,700.
The total market capitalization of the cryptocurrency market has reached $1.18 trillion, and the index has added nearly 1% in the last 24 hours.Read:The ICON platform expands to the continent of Africa by signing a partnership with UABA
The Ethereum upgrade is expected to be active on September 15th.
That’s four days earlier than previously announced by its core developers.
The Ethereum upgrade will allow the network to replace the Proof of Work (PoW) consensus mechanism with Proof of Stake (PoS) to become more environmentally friendly and resource efficient.
Many experts describe the Ethereum merger upgrade activation as the most important event in the crypto market in 2022.
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