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Amidst the excitement about the upcoming Ethereum merge, the decentralized giant has seen impressive performance as the ETH price climbed past $3100 and peaked at $3,193 — today’s high.
According to experts, the cryptocurrency’s price still has some way to go.
Since the Tuesday prediction that the Ethereum price would break the weekly trendline, Ether enthusiasts have waited patiently to see if it would happen. Finally, several hours, the Ether price did break that trendline. But it didn’t stop there.
Today, the price continued upwards past the $3000 mark before it peaked just a few dollars shy of $3200. Of course, many are eager for the Ethereum price to continue its upward trend.
This recent bullish move by ETH is in the middle of all the anticipation and excitement surrounding the upcoming Ethereum merge.
With the recent upload of the merge on The Kiln Testnet several days ago, the Ethereum network is one step close to running on the proof-of-Stake (POS) consensus.
Not surprisingly, most Ethereum enthusiasts cannot wait for the end of the proof-of-work era.
So What Does the Merge Mean for Ether Prices?
Some analysts have attributed the bullish move of Ethereum prices to the upcoming merge and how the switch to POS could affect the crypto’s prices.
According to their analysis, the 99.95% reduction in Ethereum’s power consumption that using the Proof-of-Stake consensus would cause would attract more prominent players to the Ethereum community. Also, passive returns on staked Ethereum will be another significant appeal for large investors.
Of course, if ETH operations become more sustainable, the network will also experience a boost in institutional money, which can push up its price.
Analysts also predict that the upcoming merge will also significantly impact the circulation of Ethereum as Ether staking yields will replace block rewards can cause a reduction in net issuance.