- 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.
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