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The highly anticipated London Hard Fork is set to launch on the Ethereum mainnet on August 4, 2021, as a stepping stone to Ethereum 2.0 integration sometime in 2022. This begs the question: Is Ethereum going to be more sustainable? How will these upgrades impact the future price of Ether (ETH), in addition to the nerve-wracking bear market?
Compared to Ether’s price peak ($4,326) on May 12, the price has plummeted over 50% amidst the China crackdown on cryptocurrencies, changes in government regulations, overall market sentiment, and worldwide crypto acceptance. While some investors choose to off-load their assets, some see the dip as a discount and a buying opportunity.
While the solid foundation and the upcoming projects Ethereum plans to roll out may be perceived as a forthcoming breakout trend, it all boils down to the acceptance of crypto in general.
That said, based on past performance, Ether’s price is predicted to reverse its downward trajectory. The incipient upgrade involving burning ETH coins (“gas fee“) after each transaction alongside the proof of stake (PoS) consensus could serve as a “triple Ethereum halving” that ultimately surpasses the issuance rate of a new coin. This would potentially boost the ETH price further according to supply and demand. The growing adoption of both the Ethereum blockchain and DeFi should also contribute further to its demand.