Ethereum price explodes, eyes $2,000 after successful Goerli testnet

Ethereum price hit a two-month high as the Merge draws closer. The successful completion of the Goerli testnet paved the way for a shift in consensus mechanism to proof-of-stake. Analysts have predicted an Ethereum price rally to the key psychological level, $2,000. 

Also read: Where is Ethereum price headed after PoW v. PoS chain war intensifies

Ethereum price hits two month high closer to the Merge

Ethereum price reached a two-month peak, as ETH hit the $1,935 mark. Ethereum price climbed consistently, eyeing the $2,000 target. As the Merge approaches, several groups within the Ethereum ecosystem voiced their concerns. 

From the group that expects the Merge to be unsuccessful to the group of miners that wish to continue with the proof-of-work, several narratives did the rounds over the past four weeks. The successful completion of the Goerli testnet, however, brings Ethereum’s Merge one step closer. This further fueled the bullish sentiment among ETH holders. 

Stablecoin USD Tether, Coinbase and Lido staking came forward in support of Ethereum’s proof-of-stake transition. Vitalik Buterin, the co-founder of Ethereum addressed the concerns surrounding a hard fork and its impact on ETH price. Buterin believes there will be no significant impact on the ETH value and its PoS ecosystem, even in the event of a Merge. 

Ethereum’s price climbed nearly 20% over the past week, as the altcoin climbed consistently. Proponents identified that there is an optimism among traders and ETH holders, as the Merge draws close. The planned network upgrade represents a nascent crypto rebound from the bear market. 

Buterin believes the Merge will be priced in within four to five months of the event. Ethereum’s value is expected to rise in accordance with @squishchaos’s Triple Halving narrative. The narrative compares Ethereum’s Merge to three Bitcoin halvings, and forecasts a nearly threefold increase in the altcoin’s price. 

Triple Halving proponents have set $15,000 for Ethereum price, post a successful transition and completion of the Merge. 

Analysts predict rally to $2,500

Analysts evaluated the Ethereum price trend and predicted a rally to $2,500. Cuban.eth, a leading crypto analyst on Twitter believes an Ethereum price rally is in accordance with his prediction. The analyst expects ETH price to reach $2,150 in an extended rally. 

ETH-USDT Perpetual Futures 

@IAmCryptoWolf, crypto analyst and trader agrees with Cuban and argues that a run up to $2,500 is likely in the current uptrend, with even more gains possible if the pair has formed an inverse head and shoulders reversal pattern since May 2022, as looks increasingly likely. 

ETH-USDT price chart