ETH seems to be following BTC’s historical price action just one cycle behind.
If this is the case then the assessment of massive swings as we approach the top could very well apply to ETH at the present time though I’ll reiterate that we’re unlikely to see a new all-time high anytime soon, it just means that ETH could be a lot more volatile than investors are currently expecting.
Unprecedented ETH volatility makes sense when you consider that Ethereum’s transition from proof of work to proof of stake is considered by many to be one of the most if not the most complex upgrades in the history of software as such there is a non-zero chance that something could go wrong and the aforementioned snags discovered during the Bellatrix upgrade have many concerned that Ethereum’s developers might be recklessly rushing the merge.
The TLDR is that five percent are validators on Ethereum’s Beacon chain went offline resulting in around 10 percent of Ethereum blocks being missed for a short period of time.
Gnosis founder Martin Koppelman speculated that these Mist blocks could have actually been due to the fact that around a quarter of Ethereum clients were not ready for the merge at the time of shooting, around 16% of Ethereum clients are still not ready for the merge despite the fact that the merge could be as little as 48 hours away.
This could foreshadow more issues.
Now I’ve also seen lots of concerns on social media that some Ethereum miners might try and act in a malicious manner during the merge though I’ve yet to see any concrete evidence of this.
If you have please let me know in the comments section.
Another cause for concern is all the leverage that ETHolders are taking on by borrowing more ETH against their eath Holdings in a bid to get even more of any ETH from the proof of work Forks that aren’t likely to occur because of Rogue Ethereum miners.