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Ethereum’s price could drop as the launch of ETH 2.0 is delayed

The possible delay in the launch of ETH 2.0 could be turbulent for Ethereum investors as the coin could lose its value. The launch may be pushed to 2021, which may affect its $200 support zone. But the Ethereum community prefers the new platform to be launched this year.

The start of the year has been of optimism and anticipation for the launch of the Ethereum 2.0, as many are expecting the coin to do well and possibly surpass its $200 support zone. However, as there are possibilities of the platform not launching this month as previously planned, Ethereum traders and investors may be on the edge of their seats. The price could drop anytime.

The first indication of a possible holdup in the launch was seen in May during a consensus interview with Ethereum’s Vitalik Buterin. In the interview, he consented to a July launch. But he later explained that he “misheard” the question about ETH 2.0 launch and only made a confirmation that the upgrade was certain.

Almost impossible for ETH 2.0 launch in July

One major reason behind the possible delay of ETH 2.0 is the fact that the platform has several moving parts, which makes it an extremely difficult task to synchronize all the parts within the scheduled July launch.

Fears of an ETH 2.0 launch delay was also confirmed in another question and answer session featuring a researcher at Ethereum Foundation Justin Drake. In the Reddit Ask-Me-Anything session, Justin said there is a high possibility of the postponement of the launching date of the ETH 2.0 project to January 3, 2020.

He listed out some important things that should be done before launch to include serious differential fuzzing across clients, a bounty program that will run for 3 months, incentivized “attack net” that would run for three months, and a public testnet with more than tree clients running efficiently for three months.

He said it’s almost impossible for all these to be set in motion before the end of the year. With all these, the most feasible time ETH 2.0 could be launched would be on the 12th anniversary of Bitcoin, which is on January 3.

“I’m now inclined to say that the earliest practical date for genesis is something like January 3, 2021,” he said.

Ethereum could lose its $200 value

The price of ETH could see a nosedive as a result of the delay in the launch of ETH 2.0. Trade volumes are now at the red mark, and the prolonged delay could trigger a fall in the price, as cryptocurrency experts believe.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.