Bernstein predicts a cautious trend in Ethereum price
It is reported that Bernstein said in a research report on Wednesday that due to the market\’s fear of oversupply, the price trend of ETH is expected to remain …
It is reported that Bernstein said in a research report on Wednesday that due to the market’s fear of oversupply, the price trend of ETH is expected to remain cautious before upgrading in Shanghai later this month.
Report: Shanghai upgrade has limited impact on ETH supply
Interpretation of the news:
According to a recent report by Bernstein, the price trend of Ethereum (ETH) is expected to remain cautious due to the market’s fear of oversupply. This prediction comes ahead of the upcoming upgrade of Ethereum known as the “London hard fork” scheduled for later this month in Shanghai.
The report suggests that the recent drop in the price of ETH is due to investor concerns over the potential oversupply of the cryptocurrency. This is in part due to the significant increase in the number of Ethereum-based projects and tokens that have been recently launched. Investors are worried that this oversupply of tokens could lead to a devaluation of Ethereum’s value.
To put this into context, a hard fork is a major update to the Ethereum network that involves changing the underlying code to add new features or improve performance. The London hard fork is designed to improve the efficiency of the network by reducing transaction fees and making it easier to build applications on top of Ethereum. This upgrade is expected to have positive implications for the price of ETH, as it will make it more attractive to investors.
However, the Bernstein report suggests that while the London hard fork is a positive development, it may not be enough to counteract the market’s fear of oversupply. This cautious trend is expected to continue until the market gains a better understanding of the impact of the London hard fork.
In conclusion, the prediction made by Bernstein that the price trend of Ethereum will remain cautious due to the market’s fear of oversupply is understandable given the current climate of the cryptocurrency market. While the London hard fork upgrade is expected to have a positive impact on the price of ETH, it may not be enough to alleviate investor concerns over oversupply. Therefore, investors will need to closely monitor the market in the coming weeks to assess the impact of the London hard fork on Ethereum’s price.
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