The Ethereum merge will be released later than the community expects. The core developers of the Ethereum Foundation said there could be a 1-week divergence. So how much can Ethereum price go up with triple halving after the merge? Let’s answer this question later in the article.
Could triple halving be the catalyst for Ethereum price?
The Ethereum merge is something the community has been waiting for since 2015. With Merge, Ethereum’s power consumption will decrease by about 99.5%. At the same time, miners will no longer be needed as validators will validate transactions on the network. Ethereum gains interest in triple halving as Merge approaches. The triple halving is seen as the biggest driver of ETH’s price rally, with Ethereum locked into the ETH2 deposit contract. The ETH2 deposit contract currently holds 13.29 million ETH worth approximately $25.15 billion.
Nikhil Shamapant, author of the Triple Halving narrative, argues that the Etheruem holding will go viral more than Bitcoin. Investors will prefer Ethereum to Bitcoin due to its energy efficiency and bullish potential.
The author believes that the widespread adoption of the Ethereum merge and ETH implementation of burning via EIP-1559 was the catalyst for the triple halving. As such, Ethereum is an ultra-strong store of value with explosive growth in the number of active accounts and increasing transaction volume.
Ethereum’s transition to PoS will further increase adoption
While the market is dominated by Bitcoin from the 2017 bull run, the Ethereum merge further boosts ETH adoption. The triple halving set an Ethereum price target of $150,000 at the peak. This prediction translates to a market cap of $16 trillion. According to experts, it is an unlikely forecast in the short term.
Ethereum illiquidity is expected to increase the price and therefore demand among new traders and institutional investors.
Analysts pinpoint $5,000 for Ethereum price
TechDev, a prominent crypto analyst, has identified a number of parallel channels in Ethereum. The analyst predicted that the next bounce from inside the channel could reach the upper limit of the channel at $5,000.
Popular crypto analyst Decentrader has set a short-term target of $2,400 for Ethereum price. The analyst argues that ETH’s SFP indicator, which identifies short order stops in the price trend, shows a high stop volume of 10x and 3x above the current price. He also adds that if this is triggered, it will lead to a significant short-term jam.
11553
