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Why Ethereum price corrected sharply despite today’s Eth2 milestone

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The price of Ether (ETH), the native cryptocurrency of Ethereum, plunged harder than Bitcoin (BTC) in the recent pullback.

After reaching an all-time high on Coinbase, the price of Bitcoin fell steeply by over 9% within several hours. In the same period, Ether corrected by over 11%, following a marketwide pullback.

The deep correction in Ether comes as a surprise because of the Ethereum 2.0 network upgrade launch. On Dec. 1, the Eth2 Beacon Chain released on the mainnet, marking an important milestone for Ethereum.