Legendary trader Peter Brandt commented on the Merge upgrade of the leading altcoin Ethereum (ETH). According to the trader, the announcement of the recent difficulty delay could push the Ethereum (ETH) price further down to predicted levels. Following the news of the Ethereum (ETH) “Difficulty Bomb” delay, the value of the world’s second-largest cryptocurrency plunged further.
Merge update on Ethereum (ETH) delayed: Peter Brandt commented
As we have also reported on Kriptokoin.com, the price of Ethereum has been on the rise as news emerged that Blockchain developers will delay the implementation of the code to a later date. then it fell as low as $1,662 in the last 24 hours. Yesterday, the developers of the world’s second largest cryptocurrency by market capitalization decided that Ethereum’s difficulty bomb code implementation will be delayed to fix some bugs discovered when the Merge upgrade was run on the Ropsten testnet network.
Difficulty bomb code execution, as developers prepare for the transition from Ethereum’s proof-of-stake (PoW) algorithm to proof-of-stake (PoS) It’s part of an effort to make ETH mining harder with the goal of gradually removing crypto miners from the Blockchain.
The current price of Ethereum (ETH) is in line with bearish forecasts
Meanwhile, the fall in Ethereum’s market value was reported by veteran futures trader Peter Brandt earlier this week after news of the difficulty bomb delay. seemed to match his predictions. Brandt predicted that Ethereum will likely go to $1,200 in the coming days or weeks and set its target at $1,268. The chart shared by Brandt depicts a descending triangle of the cryptocurrency in the $1,200 range. For Brandt, Ethereum investors can prepare for a drop in price as long as there is no change in Ethereum Merge.
Recent developments on Ethereum’s PoS and PoW transition
While many investors were waiting for positive news from the cryptocurrency, they were informed yesterday that the challenge bomb code implementation will be delayed, thereby lowering the price of ETH. It is worth noting that the ETH difficulty bomb is an integral part of Ethereum’s long-awaited 2.0 upgrade. Once the code is implemented, the launch of Merge, a combination of PoW and PoS chains, will be imminent.
Ethereum co-founder Vitalik Buterin delayed the difficulty bomb by announcing last month that the Merge upgrade will be released in August. He suggested that the launch of Merge will be postponed to a later date. Meanwhile, Ethereum developers have assured their community that the delay of the difficulty bomb will have no effect on Merge’s timing. Commenting on the development, Ethereum’s developer coordinator Tim Beiko shared his concerns about trying to seriously launch the Merge upgrade without delaying the difficulty bomb for any longer.
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