What Could be the Next Target of Ethereum?
- The price of Ethereum has surpassed $2,000 as the network nears the merge event.
- According to data provided by CoinMarketCap, the cryptocurrency known as Ethereum (ETH) kept its upward momentum and, late on Friday night, recaptured the level of $2,000 for the first time since May.
- At the time of this writing, the value of the second-largest cryptocurrency by market capitalization had increased to $2,000, representing a 3% increase over the preceding 24 hours and a 17% increase over the preceding week. Over the course of the last month, it has increased by almost 100%.
- According to data provided by Coinglass, roughly $137 million worth of short bets on Ethereum have been liquidated over the course of the past twenty-four hours.
- According to data provided by Beaconscan, an all-time high of 13.25 million ETH has been staked on Ethereum 2.0. This represents a new record for the metric.
- Earlier, we had written how $ 1,700 was the previous level. That was taken out, and now the next level is $2,171. Why do we think so?
- As per the chart, We can see the next major level is $ 2,150, where the token took resistance in the earlier consolidation phase. The same level has been an important level far before that too. Here is another chart:
- The price will likely take a halt at $ 2,170. The next level to expect is $ 2,488.
What has Given Wings to Ethereum?
The merge is the most important thing.
The Goerli testnet successfully transitioned to a proof-of-stake mining method earlier this week. This was the penultimate dress rehearsal (following successful testnet mergers on Sepolia and Ropsten) before the mainnet merging, which is now slated to take place on September 15 or 16.
Testnets are pre-launch versions of Ethereum that allow developers to conduct experiments before the main network goes live.
The transition that the Ethereum mainnet is making from an energy-intensive proof-of-work (PoW) mechanism to a proof-of-stake (PoS) consensus method should result in an increase in overall network efficiency as well as a reduction in the amount of energy that is consumed by up to 99%.
The upgrade is also anticipated to bring down the sky-high transactional costs associated with Ethereum; nevertheless, some people have their doubts that Ethereum after the merge will seem quite as idyllic as some of the network’s key developers have promised it will.
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