How the second Merge test can position Ethereum price for a breakout

Ethereum is rapidly approaching the successful completion of the “Merge,” the milestone event for the altcoin. As the transition to Proof-of-stake (PoS) inches closer, analysts reveal bullish projections and set a $10,000 target. 

Ethereum set to explode after a second Merge test

Ethereum price is on track to recover from the recent slump. Developers have successfully completed the first test of “The Merge” and planned the mainnet shadow fork for Saturday. 

Proponents believe the successful completion of the test is bullish for Ethereum price as the altcoin is closer to its transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). An Ethereum developer, @dapplion, tweeted the details of the second Merge test and revealed a bullish outlook on the event. 

Whales appear bullish on the transition to PoS as they have been scooping more ETH tokens over the past few months. Roughly 60 new addresses with more than 10,000 ETH have joined the network since late February. Such a significant increase in buying pressure could position Ether for a bullish breakout.  

Analysts have set a $10,000 target for Ethereum price as the "Merge” draws closer. @IAmCryptoWolf, a crypto analyst and trader who called $4,000 ETH in Q2 has confirmed a bullish outlook and predicted a continuation of the Ethereum price uptrend. 

Likewise, FXStreet analysts believe Ethereum price support extends from $2,800 to $3,000, and the altcoin has crossed immediate resistance at $3,136. Now, ETH could be on its way to the 200-day Moving Average at $3,489 before hitting $3,700 in the short term.