- Analysts are evaluating the probability of the Merge’s success and post-Merge scenarios with a possibility of a fork.
- VP of research at IntoTheBlock criticized Ethereum Classic, arguing ETC is a meme trader coin.
- Analysts predict Ethereum price decline to $1,508, identifying a shorting opportunity in the altcoin.
Analysts at Galois Capital argue that both ETH1 and ETH2 have a right to exist, predicting a fork on Ethereum. Larry Cermak criticized Galois Capital’s take on Ethereum post-Merge scenario and considered Ethereum Classic (ETC) a meme coin. Cermak believes there is no reason for proof-of-work Ethereum to exist unless the Merge fails.
Analysts consider post-Merge scenarios in Ethereum
Ahead of Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), crypto Twitter is abuzz with the possibility of a fork and a parallel PoW alongside PoS. Analysts at Galois Capital predicted three forks therefore, three chains would exist in parallel:
- ETH1 proof-of-work with difficulty bomb
- ETH1 proof-of-work without difficulty bomb
- ETH2 proof-of-stake
Analysts have explored the possibility of an unsuccessful Merge and deliberated on what follows. Since ETH1 proof-of-work has an extensive network of miners, Galois Capital analysts are convinced that there will be a fork to preserve the existing ecosystem.
In a recent conference, Vitalik Buterin recommended that followers of the proof-of-work model migrate to Ethereum Classic, the original Ethereum chain. This stands in contrast to Larry Cermak’s view of ETC. Cermak is the VP of research at IntoTheBlock. Cermak argues that Ethereum Classic is a meme trader coin.
Cermak was quoted as saying:
Basically, no one is developing on it, no users, terrible security. It’s just a meme trader coin now, like XRP or some other garbage, isn’t it? I really don’t understand why Ethereum should legitimize the PoW fork unless Merge fails.
If two or three parallel Ethereum chains exist, it changes the post-Merge narrative for the altcoin. Therefore, a successful transition to Proof-of-Stake is key to the value of Ethereum for holders.
Analysts reveal a bearish outlook on Ethereum
Analysts evaluated the Ethereum price trend and predicted a bearish outlook on the altcoin. The second-largest cryptocurrency is likely to continue its downward trend and suffer a decline. Trader_XO identified an opportunity to short Ethereum profitably in two scenarios. The analyst set a target of $1,508 for the Ethereum price.
ETH-USD price chart
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