I also have the same thought that the price will tank hard because it is almost cost nothing to create ETH. Besides, I do not think that London Fork will make ETH deflationary because ETH has no finite supply. Just check the max supply of ETH, it is infinite! I doubt this burning will even make the ETH total circulating supply to shrink. I do not even think that it will nullify the daily ETH coin production.
Take a close look at the amount of remuneration that validators now receive for confirming a transaction, and compare it with the amount that is burned: https://etherchain.org/burn Today's validator reward is 90 times lower than the one that miners received earlier. Accordingly, the issue of new coins has now decreased by 90%.
There you can also see that the value of "current ETH emission" is now -0.3%, which means that the number of coins is decreasing.
