Despite the fact that Ethereum (ETH) is currently trading at nearly three times its value it is on course to surpass $5,783 and set a new all-time high this year
Ethereum Is On Course To Surpass $5,700
Despite the fact that Ethereum (ETH) is currently trading at nearly three times its value, it is on course to surpass $5,783 and set a new all-time high this year.
According to a survey of 36 fintech experts published on May 4 by Finder, cryptocurrency experts have examined Ethereum ahead of its upcoming Merge, analyzing its price potential, and the digital asset’s future looks bright.
According to the consensus of Finder’s panel of fintech and cryptocurrency experts, Ethereum will average $6,872 in 2022, over $2,000 more than its previous all-time high of $4,900, before decreasing to $5,783 by the end of the year.
Ethereum Network To Undergo Another Update
Ethereum will undergo yet another significant update, bringing it closer to the Merge update, which will switch the network’s consensus algorithm from Proof-of-Work to Proof-of-Stake.
The ETH mainnet shadow-fork-3 devnet was created with the goal of forking a live network with a few nodes. The devnet “copies” the live network’s state, history, and chain ID.
The release of Fork Public Testnets and Clients is the next phase, which will be tested by almost anyone who is willing to participate. When the testing period is up, developers will announce the day when Merge will be implemented on the main network.
The Merge Will Influence ETH Price
One of the most optimistic predictions for Ethereum’s end-of-year value came from Joseph Raczynski, a technologist, and futurist at Thomson Reuters, who predicted that it will reach $8,000 by the end of the year, with “the Merge” playing a key role.
“The Merge, an upgrade to Ethereum, should happen this summer. This could have an explosive effect on the token. People have been waiting for this for years. It should be far more secure, 99% more energy-efficient, and deflationary. If that isn’t the trifecta of potential, as a leading blockchain, I don’t know what would be.”— Joseph Raczynski, Technologist, And Futurist At Thomson Reuters
The futurist is not alone in his opinion, with 35% of respondents believing that ETH’s deflationary mechanism will have the greatest positive impact on the market following the Merge.
In contrast, 29% feel that ETH’s low energy consumption would have the most impact on pricing, while 16% say that ETH’s higher transaction per second will have the greatest impact.
Asher Tan, the CEO of CoinJar, is equally optimistic about the future of ETH, forecasting a high of $8,500 this year then exploding to $35,000 by 2030.
The panelists agree that ETH will face a supply shock if no additional newly minted Ether enters the market between the Merge and the Shanghai Upgrade, with 31% thinking this to be the case.
“The Merge is one of the biggest and most important events in crypto’s history – and one with the capacity to deliver an almighty supply shock to the system,”Tan
Ethereum has lost 8.08 percent in the last 24 hours and 5.77 percent in the last week, trading at $2,690, but the CoinmMarketCap crypto community has forecast the price of ETH would be substantially higher by May 31, 2022, with an accuracy rate of 80%.