- Ethereum price is on track to recover from the altcoin bloodbath while the development team announces a delay in the Merge.
- Tim Bieko, lead developer at the Ethereum network, confirmed ETH is definitely in the final chapter of Proof-of-Work.
- Analysts believe Ethereum price could target $10,000 after the recent recovery.
Ethereum price could rally after recovering from the recent crypto market bloodbath. The altcoin’s consensus layer launch, the shift from Proof-of-Work to Proof-of-Stake is pushed to Q3 2022.
Ethereum Merge pushed to Q3 2022
The Merge is a much-awaited event among Ethereum holders as the altcoin shifts from Proof-of-Work to Proof-of-Stake. In January 2022, the team behind Ethereum development re-branded the update to “consensus layer” instead of “ETH2.”
Tim Bieko, an Ethereum core developer, confirmed that the protocol’s anticipated shift to Proof-of-Stake is scheduled for Q3 2022. Bieko confirmed this is the “final chapter of Proof-of-Work,” while the reason for the delay remains unknown.
The final testnet period could last three months, according to Parit Hosh, a Validator Whisperer at the Ethereum Foundation. The testnet’s timely completion is key to the launch of the consensus layer on the mainnet.
Proponents believe the much-awaited event could positively influence Ethereum’s price. The implementation of burn with the EIP-1559 protocol inspired the Ethereum Triple Halving thesis, which predicts a rally in ETH price equivalent to three and a half Bitcoin halvings.
FXStreet analysts have evaluated the Ethereum price trend after it suffered a steep decline over the past week. There is a cluster of support for Ethereum price, ranging from $2,800 to $3,000.
Analysts argue that the drop below the high volume node at $3,300 is a bearish indicator for Ethereum, and the altcoin could remain stagnant.
@IAmCryptoWolf, a pseudonymous crypto analyst and trader, has an opposite viewpoint. The analyst argues that the macro view for Ethereum has remained unchanged, and the massive ascending triangle sets the target at $10,000.
A break below $2,500 could invalidate the bullish thesis for Ethereum price.
My macro view on $ETH has not changed, target of this massive ASC triangle is $10k.
— Wolf (@IamCryptoWolf) April 13, 2022
Just keep in mind that invalidation is a break below $2500. pic.twitter.com/RS7ttBzs1H
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.