Ether price is on a bullish trend and heading for the USD 3,800 level following the market expectation of the upcoming Merge.
For the better part of last week, the entire crypto market has awakened bullish investors, and the “merge” with Kiln testnet has excited the community about the nearing of a full switch to proof-of-stake (POS) protocol.
According to TradingView and Cointelegraph Markets Pro, the price of ETH has shot up from USD 2,500 to USD 3,193 on 25th since the launch of Kiln. Traders are flocking in to lock their positions in anticipation of a further bullish trend.
So, what is likely to be the movement after the merger? Here are the experts’ take on what could happen after the switch from proof of work (POW) to proof of stake (POS) protocol of blockchain tech, and merger with Kiln?
Ether Breaks Out from the Recent Downtrend
The ETH’s price shift in the last few weeks was described sometimes back by Justin Bennett. He highlighted the trend reversal and said, “Ether first higher high since early November 2021, probably nothing.”
The Merger Will Result in a New Bullish Trend
A deeper evaluation of the upcoming merger’s impact on Ether price was also looked at by crypto analysts from MacroHive, an independent global macro and crypto research center. They predicted that Ether would have a bullish run.
MacroHive added that the idea of being able to generate huge passive returns from staked Ether is expected to further attract a lot of investors.
Shift to the proof of stake (POS) protocol is expected to reduce consumption of power by 99.95%, which will draw more funds from institutions on environmental, social, and governance (ESG) concerns about mining-related energy use.
The Merge Expected to Mirror Bitcoin Halvings
Another insight came from McKenna, an options trader, who, in a Twitter post, likened the impact to Bitcoin halving.
The total crypto market cap is now at USD 1.997 trillion. Ether is dominating this rate at 18.7%.