• Ethereum’s Goerli testnet successfully switched to Proof-of-Stake, fueling bullish sentiment among ETH holders.
  • Ethereum price hit a two month peak at $1,932, in an extended price rally.
  • Analysts predict an Ethereum price rally to $2,500 ahead of the Merge.

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

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

ETH-USDT price chart


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


Recommended Content

Editors’ Picks

XRP eyes recovery but derivatives market stalls progress

XRP eyes recovery but derivatives market stalls progress

Ripple's XRP is up 2% in the early Asian session on Thursday following rising accumulation among investors and a potential bottom signal in the MVRV Ratio.

More Ripple News
Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum (ETH) could be set for increased demand in the coming months following Cboe BZX 19b-4 filing with the Securities & Exchange Commission (SEC) to enable staking for the 21Shares Core Ethereum exchange-traded fund (ETF).

More Ethereum News
Bitcoin and crypto recovers from CPI data as Trump pushes Russia–Ukraine diplomacy

Bitcoin and crypto recovers from CPI data as Trump pushes Russia–Ukraine diplomacy

Bitcoin (BTC) and the crypto market saw slight gains on Wednesday after President Donald Trump's resolution calls with Russian President Vladimir Putin and Ukraine's President Volodymyr Zelenskyy.

More Cryptocurrencies News
Ethereum Price Forecast: ETH eyes $3,000 as Trump and Putin agrees to begin negotiations on ending Ukraine war

Ethereum Price Forecast: ETH eyes $3,000 as Trump and Putin agrees to begin negotiations on ending Ukraine war

Ethereum (ETH) saw a 3% gain on Wednesday following United States (US) President Donald Trump's agreement with Russian President Vladimir Putin to begin negotiations to end the Russian-Ukraine war.

More Ethereum News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP