Ethereum: Will ‘Gray Glacier’ upgrade affect your ETH holdings

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It’s said that the ability to upgrade is important. All hail Ethereum as the network awaits the ‘Gray Glacier’ upgrade. In the coming days, the upgrade will be introduced to the mainnet. It is built to further delay the Ice Age (Difficulty Bomb) by roughly 100 days.

The Ethereum network will be undergoing the upgrade at block 15,050,000, which is expected to occur on 29 June. Here, it’s important to note that Gray Glacier will not be deployed on any testnet.

Binance announces support

Earlier on 23 June, Binance revealed that it will be supporting the ‘Ethereum (ETH) Network Upgrade.’ In view of the same, deposits and withdrawals of ETH and ERC-20 tokens will be suspended on the platform starting from 29 June. However, the trading of these tokens will not be affected during the network upgrade.

It’s worth noting that the announcement by the Ethereum Foundation (EF) didn’t have any impact on ETH’s price action. The altcoin has been moored to the bear side since April. The lower low is the only formation on the price chart that’s catching attention. Three black crows – A multiple candlesticks formation from 11 June to 13 June – asserts that the market may continue its bearish walk in the coming days.

The leading indicator RSI has built a tent below neutral 50 since 4 May. It is, indeed, a good opportunity to short the market.

ETHUSD 2022 06 23 19 15 17

Source: TradingView, ETH/USD

Now, on the metric side, the irregular surge in volume reveals that irrespective of ETH’s price action, the token has been actively traded. The volume doesn’t hint at buying or selling activity, but it surely gives a clue about investors’ interest.

Ethereum ETH 19.28.24 23 Jun 2022

Source: Santiment

Even so, the big concern for token holders could be the social dominance metric. It has been on a gradual decline after peaking at 15.34% on 12 June.

Notably, the Ethereum-killers are enjoying ETH’s street cred of late.

Ethereum ETH 19.36.36 23 Jun 2022

Source: Santiment

Importantly, Ethereum holders need not fret or do anything in the face of the Gray Glacier upgrade. It will likely have no impact on their ETH holdings.

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