Ethereum (ETH) Price Is Ready to Surge Ahead of Major ‘Merge’ Upgrade

All the followers of Ethereum are waiting for the new upgrade. Ethereum mainnet uses Proof of Work consensus, while Beacon Chain will use Proof of Stake. The Merge is an upgrade where the two systems will come together. After this update, Ethereum’s main net will use Proof of Stake consensus instead of Proof of Work, and it will enhance the performance of the Ethereum blockchain.

As a result, Proof of Work consensus will stop working on the main net, and it will start a new era of sustainable, eco-friendly Ethereum blockchain. It will make the transaction process faster with lower fees. However, it may affect the withdrawal process of staked ETH, but the developers will run a clean-up process after the Merge upgrade.

As a result, analysts believe the ETH price will surge in the next few months.ETH Price ChartAt the time of writing this post, ETH was trading at $2977. The coin has been consolidated during the last two months within a range of $2500 and $3100. Most analysts believe the ETH price will start a new bull run after the Merge update.

On the daily chart, the MACD line is bullish; RSI is around 60, and candlesticks are also bullish in the Bollinger Band. Interestingly candlesticks are consolidating in the lower half of the BB. The current price is around the resistance level, and if the coin crosses the level of $3100, it will be a great asset. Know more about the other significant resistance levels and support levels for ETH here!ETH Price AnalysisThe weekly chart has formed higher highs and higher lows, signifying a bull run. Most technical indicators are bearish; the only positive sign is that the last two candlesticks are green. The MACD line is bearish, RSI is around 45, and candlesticks are in the lower half of the BB. Still, we think $3500 will be a primary target of this coin.

The most important question is should you buy this coin now? Ethereum is a popular blockchain platform, and all followers are hopeful about the positive momentum. The Merge upgrade steers the market for ETH. If you want to invest for the long term, you can start accumulating this coin from now.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button