Ethereum: Will the ‘Gray Glacier’ update on June 29 affect your ETH holdings? |

The Ethereum network is waiting for the upgrade”Gray Glacier“. In the next few days, the upgrade will be introduced on the mainnet. It is designed to delay theice age (difficulty bomb) about 100 days.

The Ethereum network will undergo the upgrade at block 15,050,000, which is expected to take place on June 29. It is important to note that Gray Glacier will not be deployed on a test network.

Binance Announces Support

Earlier on June 23, Binance revealed that it would support the “Ethereum (ETH) network upgrade“. With this in mind, deposits and withdrawals of ETH and ERC-20 tokens will be suspended on the platform from June 29. However, the trading of these tokens will not be affected during the network upgrade.

It should be noted that the announcement of the Ethereum Foundation did not have an impact on the price of ETH. The altcoin has been pegged to the bearish side since April. The lower trough is the only formation on the price chart that attracts attention. Three black crows – a multiple candlestick formation from June 11 to June 13 – argue that the market may continue its bearish march in the coming days.

The RSI leading indicator has built a attempted below the neutral level of 50 since May 4. This is indeed a good opportunity to short the market.

From a metric perspective, the erratic increase in volume reveals that regardless of ETH’s price action, the token has been actively trading. The volume does not indicate buying or selling activity, but it surely gives a hint of investor interest.

Even so, the main concern for token holders could be the measurement of social dominance. It has seen a gradual decline after peaking at 15.34% on June 12. Notably, Ethereum killers (Solana and Cardano) are taking advantage of ETH’s popularity lately.

It is important to note that Ethereum holders need not worry or do anything about the upgrade of Gray Glacier. It will likely have no impact on their ETH holdings.

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