A new report has named the leading altcoin Ethereum (ETH) as the coin with the potential to become an asset that will attract the attention of major international investors. The Bloomberg Intelligence report, published on August 3, included ETH. They stated that the long-awaited Merge update, announced for September 2022, is a catalyst that will enable Ethereum to evolve into a “global enterprise-grade asset.” Meanwhile, famous analyst Michael van de Poppe shared the levels he expects for ETH. Here are the details…
Bloomberg report pointed to these for ETH
As Merge approaches, which will mark Ethereum’s transition to a proof-of-stake (PoS) network, Bloomberg’s core dashboard showed a strong recovery in the Ethereum ecosystem after its peak on May 21. The analysis revealed that Ethereum “non-zero addresses are at all-time highs.” He explained that this amount is “almost twice that of the Bitcoin network.” Moreover, the number of Ethereum transactions remained strong from year to year. Regardless of the 29 percent price drop, it lost just 7 percent in transfer volumes.
According to the report, Ethereum outperformed “absolutely relative to the last bear market and Bitcoin” on several key metrics that are highly correlated with price, including active users, non-zero addresses, and transactions.
Michael van de Poppe expects bullish for altcoin
The crypto market opened the month of August with a bullish note. Meanwhile, analyst Michael van de Poppe expresses his bullish stance on Ethereum.
During the analyst’s last technical analysis session, ETH received positive reviews. According to the analyst, if Ethereum price hits a target of $1,700, the cryptocurrency could see a bull run from this level. He is of the opinion that the leading altcoin project is steadily moving towards the $2,000 mark. He also thinks that the cryptocurrency has bottomed. That said, there won’t be much of a drop from local lows, he says.
The first reason for his prediction is the Ethereum Merge, which is scheduled for September. The analyst is that Merge will ignite the bull run due to FOMO (fear of missing out). The second reason is the Fed’s rate hike. On the other hand, Ethereum price regained the $1,500 price area. It is currently trading at $1,651, up 1.2 percent in the last 24 hours. The market cap of the cryptocurrency is also at a positive level with $198 billion. However, the second-largest cryptocurrency by market cap fell 67 percent from its all-time high of $4,891 in November 2021. You can see the daily price chart of ETH below:
Investors await the PoW-PoS transition
A growing number of people are sharing their thoughts on Merge, which is mostly thought to be responsible for Ethereum’s rising price. Many are worried about what will happen to ETH and its miners after the transition to the new PoS consensus method. Anyone can stake 32 Ethereum to be a validator in the optimized system instead of buying huge devices to verify transactions. Verifiers receive rewards for their services. But if they act dishonestly, they risk financial loss.
17278
