Bad News And The Upcoming Big Crash For Ethereum in Early August, According to Analyst Tyler Swope
Prominent crypto KOL Tyler Swope from Chico Crypto unveils upcoming bad news for Ethereum (ETH) in early August and how it is going to impact ETH price.
“Everyone thinks EIP 1559 will pump ETH but it could actually crash it! Ethereum miners could revolt and try to re-org the chain. There has been talks of Ether re-orgs within the past month and even Vitalik Buterin is thinking of speeding up the Merge to ETH2 to stop it,”
According to the trader, last week, the Ethereum Foundation announced the day of the big upgrade: London Mainnet is confirmed and has a scheduled drop.
“After a successful testnet deployment, the London upgrade is now ready to be activated on the Ethereum mainnet. It will go live on block 12,965 000, which is expected between August 3rd through 5th, 2021.”
As the analyst says, with this upgrade, the Ethereum Miners are getting shoved to the side and a portion of their revenues and fees are going to be burned. He believes that the event could cause some problems for Ethereum in the short to mid-term, especially with how the Miners will react as their profits start to decrease.
“The Miners, in my opinion, are going to revolt!”
Miners as their income goes down post EIP 1559 are going to be taking Bribes. They are going to possibly try re-orgs as a show of force against this EIP and the eventual Merge to proof of stake where they are gone.
In addition, Swope highlights that the most effective prevention measure (against reorgs) in the context of Ethereum is to further speed up work on the merge, in particular, to quickly achieve the credible capability of making an “emergency merge” which would transition the chain to PoS.
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