Ethereum

London Hard Fork EIP-1559: What happened to Ethereum after previous hard Forks

London Hard Fork, the Ethereum Upgrade is seventh in the history of Ethereum and we have investigated how the previous Hard Forks affected the price in the past.

Ethereum is most famous cryptocurrency after bitcoin and it’s an investors’ favorite pick. Today is a big day in cryptocurrency world as Ethereum undergoes London Hard Fork today.

London Hard Fork

Source: EthBurned

With each block there is Ethereum Burn happening as each block can burn Ethereum now. More than 80 Ethereum have burned by the time this article is being written. The sentiment analysis and Social Volume indicator shows spikes as people are buying the news, in the hope to earn by huge pumps after the update.

London Hard Fork Social
Source: app.santiment.net

But after investigating deep about the previous hard fork, we found that there are chances of potential retracement in the price instead, up to 10-20%.

London Hard Fork: History

London Hard Fork Technical
Source: TradingView

Buying the news is never a great idea unless you don’t bother about fundamental analysis. As you can see the results on the chart above. Now the price has already corrected by 6% after the opening of the new day, which is not a little. The price might go lower because the average correction after hard forks was about 10-20%. It is therefore advised to stay away from Ethereum in these highly volatile days when even exchanges plan to deal with the situation, as it’s not about taking the risk –  it’s rather about understanding the gravity of it.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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