Can The Coming Ethereum Merge Reignite The Bullrun In The Crypto Market?
A significant software upgrade for Ethereum, the second-largest cryptocurrency by market size, is about to be released.
Although the foundation has changed its name to Ethereum Merge, the update was formerly known as Eth2 or Ethereum 2.0. The decentralized digital currency will move from its proof-of-work stage to its main network in August, according to co-founder Vitalik Buterin.
According to certain experts, Ethereum could experience a sharp price increase. The cost of Ethereum has stayed fairly constant at roughly $2,000 despite recent highs of about $4,800. However, Ethereum supporters are hoping that the impending merger would drive the price above the coin’s all-time high and trigger a bull run in the cryptocurrency market.
The position is still below $2,000
A few weeks ago, the price of Ether crashed as a result of the value of Bitcoin plummeting so low that it failed to surpass the $30,000 threshold. As a result, the value of ETH fell below $2,000. Ether’s price was below the neutral 50-region threshold.
Also below 50 were the Money Flow and Relative Strength Indexes. The latter indicator, which is oversold territory, was 38.16 at press time. At the time of publication, the value of the Ether token’s market was $150 billion. The amount reflects a decrease of more than 50% from the record high of $438.13 billion set the previous year. In the meantime, its cost has decreased by 12% in the last 24 hours to $1,073.57.
What a Potential Crypto Bullrun Could Mean by the Ethereum Merge
The price of Ethereum may significantly change once the combination of the two biggest cryptocurrencies is complete. Because they won’t be able to function, miners might cease validating transactions. The anticipated annual return on 32 ETH investments for owners of nodes actively executing software on the Ethereum 2.0 network is between 6 and 7 percent. For some miners, it is insufficient.
The quantity of fresh ETH is anticipated to decline as a result of the planned Ethereum blockchain upgrade. As more people are willing to stake it, it could raise interest in cryptocurrencies. The drop in supply is advantageous for investors, says Christine Kim, a research analyst at Galaxy Digital, because it demonstrates that the blockchain is a haven asset.
Ethereum Staking
Investors are eagerly anticipating the union of the two platforms. According to reports, the new staking mechanism has around $31.5 billion worth of Ethereum in it and is prepared to process recent transactions as soon as permission is granted.
Many predict that after the merger is complete, investors will sell Ethereum’s hard fork assets to the markets. Due to the different circumstances influencing the transaction, this is unlikely to occur. The network’s security and a solid consensus are two of them. The fact that ETH will be released by developers in stages rather than all at once makes it even less probable that this would occur.
Ethereum Supply
In the first half of this year, approximately 12 million ETH were staked in the Beacon chain smart contract, according to a research by Glassnode. There were 398,000 different validators in total. The quantity of ETH that is now in circulation is approximately 10%. These assets are worth roughly $23.3 billion.
Other sites, including the Ethereum Launchpad, assert that there is a bigger quantity of ETH. Over 13 million ETH, or about 11% of the supply, are shown to be staked. Despite the current weak market, this rise in the number of assets being validated represents a vote of confidence in the ecosystem.
Impact on the Bitcoin Market
Messari, a market research company, predicts that by 2022, the cryptocurrency market would have divided into various categories. It predicts that certain areas of the market will keep growing in popularity. Despite numerous predictions regarding the impending combination of Bitcoin and Ethereum, the two still do not agree. Noelle Acheson, a market expert, predicts that after the deal, more money will flow into the decentralized digital currency.
2022 predictions for the price of ether
Let’s examine the various forecasts for the remaining months of 2022. Additionally, keep in mind that cryptocurrency price predictions are frequently inaccurate. They are also subject to change at any time. Additionally, these forecasts are not always accurate due to the algorithm utilized.
Ethereum’s price will rise to $1,856 in August, predicts TradingBeasts, before beginning to decline once more. By the end of the year, it predicts that the coin will reach $1,808.54. Although the short-term forecast is more optimistic, DigitalcoinPrice is still apprehensive about the year’s prospects. The price of bitcoin is predicted to reach at $2,541.50 in June before dropping to about $2,300 in July.
According to LongForecast, it is a bit bearish on the outlook for the price of Ether in 2022. It projects that the cryptocurrency will fall to around $1,612 in September before recovering to about $1,234 in November. It then predicts that the price will fall once more to about $1,037.
These various predictions for the next couple of years seem to be too pessimistic for a post-merger ETH. It’s also possible that the price will not be able to go higher.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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Can The Coming Ethereum Merge Reignite The Bullrun In The Crypto Market?
A significant software upgrade for Ethereum, the second-largest cryptocurrency by market size, is about to be released.
Although the foundation has changed its name to Ethereum Merge, the update was formerly known as Eth2 or Ethereum 2.0. The decentralized digital currency will move from its proof-of-work stage to its main network in August, according to co-founder Vitalik Buterin.
According to certain experts, Ethereum could experience a sharp price increase. The cost of Ethereum has stayed fairly constant at roughly $2,000 despite recent highs of about $4,800. However, Ethereum supporters are hoping that the impending merger would drive the price above the coin’s all-time high and trigger a bull run in the cryptocurrency market.
The position is still below $2,000
A few weeks ago, the price of Ether crashed as a result of the value of Bitcoin plummeting so low that it failed to surpass the $30,000 threshold. As a result, the value of ETH fell below $2,000. Ether’s price was below the neutral 50-region threshold.
Also below 50 were the Money Flow and Relative Strength Indexes. The latter indicator, which is oversold territory, was 38.16 at press time. At the time of publication, the value of the Ether token’s market was $150 billion. The amount reflects a decrease of more than 50% from the record high of $438.13 billion set the previous year. In the meantime, its cost has decreased by 12% in the last 24 hours to $1,073.57.
What a Potential Crypto Bullrun Could Mean by the Ethereum Merge
The price of Ethereum may significantly change once the combination of the two biggest cryptocurrencies is complete. Because they won’t be able to function, miners might cease validating transactions. The anticipated annual return on 32 ETH investments for owners of nodes actively executing software on the Ethereum 2.0 network is between 6 and 7 percent. For some miners, it is insufficient.
The quantity of fresh ETH is anticipated to decline as a result of the planned Ethereum blockchain upgrade. As more people are willing to stake it, it could raise interest in cryptocurrencies. The drop in supply is advantageous for investors, says Christine Kim, a research analyst at Galaxy Digital, because it demonstrates that the blockchain is a haven asset.
Ethereum Staking
Investors are eagerly anticipating the union of the two platforms. According to reports, the new staking mechanism has around $31.5 billion worth of Ethereum in it and is prepared to process recent transactions as soon as permission is granted.
Many predict that after the merger is complete, investors will sell Ethereum’s hard fork assets to the markets. Due to the different circumstances influencing the transaction, this is unlikely to occur. The network’s security and a solid consensus are two of them. The fact that ETH will be released by developers in stages rather than all at once makes it even less probable that this would occur.
Ethereum Supply
In the first half of this year, approximately 12 million ETH were staked in the Beacon chain smart contract, according to a research by Glassnode. There were 398,000 different validators in total. The quantity of ETH that is now in circulation is approximately 10%. These assets are worth roughly $23.3 billion.
Other sites, including the Ethereum Launchpad, assert that there is a bigger quantity of ETH. Over 13 million ETH, or about 11% of the supply, are shown to be staked. Despite the current weak market, this rise in the number of assets being validated represents a vote of confidence in the ecosystem.
Impact on the Bitcoin Market
Messari, a market research company, predicts that by 2022, the cryptocurrency market would have divided into various categories. It predicts that certain areas of the market will keep growing in popularity. Despite numerous predictions regarding the impending combination of Bitcoin and Ethereum, the two still do not agree. Noelle Acheson, a market expert, predicts that after the deal, more money will flow into the decentralized digital currency.
2022 predictions for the price of ether
Let’s examine the various forecasts for the remaining months of 2022. Additionally, keep in mind that cryptocurrency price predictions are frequently inaccurate. They are also subject to change at any time. Additionally, these forecasts are not always accurate due to the algorithm utilized.
Ethereum’s price will rise to $1,856 in August, predicts TradingBeasts, before beginning to decline once more. By the end of the year, it predicts that the coin will reach $1,808.54. Although the short-term forecast is more optimistic, DigitalcoinPrice is still apprehensive about the year’s prospects. The price of bitcoin is predicted to reach at $2,541.50 in June before dropping to about $2,300 in July.
According to LongForecast, it is a bit bearish on the outlook for the price of Ether in 2022. It projects that the cryptocurrency will fall to around $1,612 in September before recovering to about $1,234 in November. It then predicts that the price will fall once more to about $1,037.
These various predictions for the next couple of years seem to be too pessimistic for a post-merger ETH. It’s also possible that the price will not be able to go higher.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
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