These analysts remain bullish on Ethereum because of the upcoming Merge
- Ethereum price could hit new highs with the upcoming Ethereum Merge, Travis Kling, a leading crypto analyst believes it is the biggest catalyst in history.
- Despite the delay, Merge’s timing is perfect for Ethereum’s price as the event could act as a catalyst for the altcoin.
- Analysts observe a super trend and predict a bullish flip in Ethereum price, setting the next target at $3,076.
Ethereum price is on track for a breakout with the upcoming Merge, as analyst Travis Kling weighs in on the altcoin. Kling considers the Merge the biggest catalyst in crypto history.
The Merge could be the biggest driver of Ethereum price rally
ETH proponents expect the price to drop amid fears of rising selling interest after Ethereum Foundation revealed that 80.5% of their holdings were in Ether. If treasury holdings are in ETH, there is a likelihood of liquidation for numerous operations or payments to partners or stakeholders, increasing the chances of Ethereum tokens hitting exchanges.
Two key events, the upcoming Merge and increasing transparency in the Ethereum Foundation could fuel bullish sentiment among investors. Developers at the Ethereum network recently announced a delay in the Merge, sparking fears of a bearish trend reversal as layer-1 solutions gain popularity. The delay in the Merge is considered a warning sign, however, analysts hold opposing views.
Travis Kling, founder and Chief Investment Officer at Ikigai Fund, believes Ethereum’s Merge could prove to be the biggest catalyst in crypto history. Kling believes the delay pushes the Merge to perfect timing for an Ethereum price rally and could act as a catalyst.
Kling told Blockworks that
Ethereum’s Merge setup is the single most important event in crypto history. In the history of Bitcoin, there has been nothing this significant or telegraphed.
Kling stated that Ethereum could outperform Bitcoin post the Merge as the most telegraphed event in crypto history goes live. While Bitcoin outperforms after every halving event, Kling believes the Merge is not priced in yet as ETH goes deflationary, yield generating and environment friendly in one single event. As sizeable institutional capital flows into Ethereum, Kling is bullish on the ETH price.
Analysts at @IncomeSharks believe Ethereum price trend has flipped bullish, and the next move to $3,076 could occur next.
$ETH - 1h Supertrend flipping bullish, 4h look next. Wouldn't be surprised to see this move up happen sooner than expected. Get people caught in stables again. pic.twitter.com/TuDpfr3b5e
— IncomeSharks (@IncomeSharks) April 25, 2022
However, Justin Bennett, a leading crypto analyst and trader, believes there is a further downside in Ethereum price before the altcoin starts its last relief rally. Bennett believes the recent pullback could push ETH lower before it breaks out.
This is not me calling for a bottom right now.
— Justin Bennett (@JustinBennettFX) April 25, 2022
I think we have a little more downside to go before we get that last relief rally (if we get it).
See last weekend's $ETH video for more. https://t.co/9Sjjb6p7Dk
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
