As the long-awaited Ethereum Merge approaches, the crypto community is watching Ethereum price action closely. With the latest announcements from the developers, it’s almost certain that Merge is set for September 15. Over the past 45 days, the cryptocurrency has witnessed high volatility with massive upward moves and momentary corrections. ETH recently hit a high of $2,000 compared to lows of $800. However, the leading altcoin is currently consolidating around $1,500. So, what are the analysts’ expectations? Here are the ETH comments of two experts…
Scott Melker optimistic about leading altcoin
Scott Melker, host of The Wolf Of All Streets podcast, said that he is extremely optimistic about Ethereum in the long-term perspective. He added that he wants to take a position in the $1,200 range in ETH. If we see a break below the current level, there could be a drop to the $1,284 range. A price increase to $1,690 could also lead to a decline. The analyst uses the following statements:
If we drop to $1,284, I’d be very excited about Ethereum. That’s still 50 percent higher than its low at $800. Even at the current $1,600 level, it’s double the recent lows. Comparing this to Bitcoin, I don’t see it as a bearish trend for ETH.
Antoni Trenchev expects “much higher levels” for ETH
Antoni Trenchev, co-founder and CEO of Nexo, also expresses the bullish trend in Ethereum (ETH). Trenchev said in a CNBC interview that the ETH price is poised for a possible rise after next month’s update. According to the Nexo founder, an inflationary macro environment is affecting the market. However, we may still see a positive mood for ETH due to the relatively small supply after the upgrade. Trenchev says that Ethereum’s transition to a new consensus mechanism will support the growth and development of the network’s ecosystem. The expert uses the following expressions:
You will see great things built on top of networks like Ethereum. You know decentralized finance, it has great promise. Some long-term protocols that have been around have allowed massive yield generation over the past decade, which is very exciting in low-interest environments over 15 years. Also coming metaverses…
Merge excitement continues
As cryptokoin.com reported, the Ethereum network will soon evolve into proof-of-stake (PoS) as a consensus mechanism after Merge. Currently, the network uses another popular consensus mechanism, Proof of Work. Merge migration has officially started recently with the release of update v22.8.1 for Mainnet users. The update helps enable Bellatrix upgrade and Merge migration configuration.
21867
