• 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. 

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why is Pepe meme coin rallying? What’s next after PEPE’s ATH? Premium

Why is Pepe meme coin rallying? What’s next after PEPE’s ATH?

Pepe (PEPE) price shows signs of continuing its uptrend, but it might come after a correction. This short-term pullback could be used by sidelined buyers to accumulate PEPE for the next leg up.

More Pepe News

Grayscale launches new investment vehicles for NEAR and STX

Grayscale launches new investment vehicles for NEAR and STX

Grayscale announced the creation and launch of Near Protocol (NEAR) and Bitcoin Layer 2 Stacks (STX) single asset trusts. The company stated that the launch is an attempt to satisfy increased investors' demands for diversified crypto-asset exposure.

More Cryptocurrencies News

Ethereum on the brink of 75% rally as SEC approves ETH ETFs

Ethereum on the brink of 75% rally as SEC approves ETH ETFs

Ethereum (ETH) bounced back after a brief dip on Thursday as the Securities & Exchange Commission (SEC) approved spot ETH ETFs in a shocking U-turn. US lawmakers had earlier penned a letter to Chair Gary Gensler, urging him to approve the ETFs.

More Ethereum News

XRP set for rally after Coinbase listing in New York

XRP set for rally after Coinbase listing in New York

Coinbase's Chief Legal Officer announced the listing of XRP for its New York clients. XRP was initially removed from the exchange in January 2021 due to an SEC lawsuit on claims of the asset breaking securities regulation.

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis

BTC

ETH

XRP