• Ethereum price crossed $3,000 as the community prepared for the milestone update, the merge on the ETH mainnet. 
  • As the proof-of-stake transition draws closer, a total of $5 billion Ethereum tokens have been burned. 
  • Analysts believe Ethereum is poised for a 20% upswing, following a bounce in the altcoin’s price. 

Ethereum price could post 20% gains in the current uptrend. The community is keen on the arrival of the long-awaited upgrade on the Ethereum mainnet. Analysts have noted a bounce in the Ethereum price trend and predicted a bullish outlook on the altcoin’s price. 

Also read: Gold Price Forecast: XAUUSD battle for direction continues

Ethereum price ready for 20% upswing ahead of major upgrade

Ethereum price is set up to break out of a long-term bearish trend line, according to crypto analyst Willy Woo. Woo argues that Ethereum price was on a bearish trend for over three and half months, and the altcoin is on track for a trend reversal. 

The merge, considered a milestone event on the Ethereum mainnet, is drawing closer after its arrival on the testnet. There is a spike in Ethereum tokens being burned ahead of the upgrade. Over $5 billion in Ether has been pulled out of circulation through the implementation of the burn. 

Previously, the EIP-1559 was considered a key upgrade in the Ethereum ecosystem, as it worked towards introducing predictability and stability in transaction fees. Proponents argue the merge could put deflationary pressure on Ethereum. 

As burn reduces the overall supply of Ethereum, it could positively influence the price, fueling a rally in the altcoin. 

Analysts have evaluated the Ethereum price trend and predicted a trend reversal in the altcoin. Michaël van de Poppe, a crypto analyst and trader, believes that Ethereum price could hit highs at around $3,000. 

FXStreet analysts argue that an Ethereum price close above $3,033 could result in an ideal Ichimoku bullish breakout for the first time since October 2021. Analysts predict a 20% upswing in Ethereum price. 

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000

Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000

The United States unemployment rate for January came in at 3.4% which is lower than forecast of 3.6%. The Nonfarm Payrolls (NFP) data shows that 517,000 jobs were added in January, which is much higher than the expected 185,000.

More Bitcoin News

Cardano price could get help from US job report to clean up winter losses, 31% gains on the horizon for ADA

Cardano price could get help from US job report to clean up winter losses, 31% gains on the horizon for ADA

Cardano (ADA) price has succeeded in breaking above key levels near $0.39 as the pivotal historical level at $0.388 and the 200-day Simple Moving Average (SMA) all got broken to the upside with the Federal Reserve meeting on Wednesday.

More Cardano News

Ethereum Classic Price Prediction: Is ETC safe in this bullish channel?

Ethereum Classic Price Prediction: Is ETC safe in this bullish channel?

Ethereum Classic (ETC) is set to book a very outright bullish intraday session just hours before the US session kicks in. As the dust is settling for global markets after all major central banks had their say on Wednesday.

More Ethereum Classic News

Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings

More Bitcoin News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP