There appears to have been a clear change of trend in Ethereum prices as it targets the $3,800 level following the heightened anticipation with the forthcoming Merge. It has lured back the bullish crypto investors.
The uptrend over the week in the crypto trade has activated bullish investors in the market. The successful introduction of the merge of Ethereum over the Kiln testnet has awakened the community over the coming switch to POS.
Data obtained by TradingView and CoinTelegrah Markets have shown that following the successful Kiln launch, Ether’s price has seen a 25% increase from a low of $2,500 to a high of $3,193 this March 25. Traders are hoping to lock their positions before the merge.
The Ethereum Merge That Led To A Bullish Run
This turnaround in the price of Ether has been briefly addressed by Justin Bennett, a crypto analyst who posted a chart illustrating the reversal of the trend that occurred. The upcoming Ethereum merge could have bullish implications as noted by MacroHive, the cryptocurrency study house.
MacroHive says that the viewpoint of being capable of making a passive yield on staked Ethereum could get more investors interested. The evolution of POS will bring down the consumption of energy by 99.95%.
And this could help bring in additional institutional money in the Ethereum system with the mitigation of environmental, governance, and social concerns centered around the consumption of energy of POS and mining are addressed.
The merger is also expected to have a prominent bearing on the flowing supply of Ether as the issuance could see a drop once the finished block rewards get substituted with Etherium staking yields.
Twitter user McKenna has likened the effect of the merge with the halving of Bitcoin. He said that the adoption of S-curve as the foundational protocol for web3 could send Ethereum to greater heights in the next decade. The present market cap of cryptocurrency is now at $1.997T with Ethereum dominating 18.7%.
