Experts Claim Merge Upgrade Will Fail to Aid Ethereum Price
Ethereum merge upgrade— boon or bane for Ethereum to increase its price from US$1k?
Bitcoin is not the only cryptocurrency to experience a crypto crash in recent times. Ethereum, the second most popular cryptocurrency, is also experiencing the same. It has hit the US$1k price level after carrying a bearish flag in May-June 2022. There are speculations that Ethereum will launch the Ethereum merge upgrade to replace the existing Proof-of-Work and Proof-of-Stake consensus efficiently. But crypto experts are claiming that the ETH Merge upgrade will fail to recover the cryptocurrency’s price out of the crash and will eventually drop below the US$1k resistance.
At the time of writing, the current Ethereum cryptocurrency price is US$1,202.05 with a market cap of US$145.66 billion and a volume of US$17.33 billion. The extreme market conditions have also hit Ethereum and the cryptocurrency has started showing signs of weakness— the decentralized smart contract token has failed to raise its price after the major crypto crash cases in the highly volatile decentralized market. Experts are claiming that it will hit below the US$1k zone after the current price crosses below US$1.1k.
Crypto experts are pointing out that the Ethereum merge upgrade was supposed to increase the Ethereum price efficiently and effectively, just like Shiba Inu is using its four upcoming development projects to attract the attention of crypto investors. SHIB has increased up to 30% but Ethereum is failing to do so. There have been more than a 5.9% decrease over the weeks while trading at US$1,070. These are accompanied by the selling pressures on Ethereum by funding traders who are getting ready to convert cryptocurrency earning into fiat currency to earn higher ROI.
The Ethereum merge upgrade is known as one of the most challenging projects in the crypto market with an aim to shift decentralized networks. In the beginning, crypto experts expected that Ethereum will hit US$10k after the launch of the Merge upgrade and recover from its recent bloodbath. Now, the Ethereum merge upgrade will be launched in Q3 of 2022. The Ethereum merge upgrade means that crypto investors can operate as validators as opposed to energy-intensive computers. It will help to reduce the carbon footprint while the mainnet will allow the new network to run smart contracts into the PoS system.
Meanwhile, all the benefits of the Ethereum merge upgrade are going in vain at the current moment. Crypto experts consider that the upgrade will fail to increase the token’s price from the recent crash. However, it will provide more scalability, security, and sustainability, but crypto investors continue to lose hope in the upgrade mission. Ethereum is also not the only one to have a hard crypto crash after the Ethereum merge upgrade. Even though Bitcoin is carrying a bearish flag, crypto experts are claiming the price will hit around US$5k, similar to February 2019.
Thus, the fall in the cryptocurrency price will be beneficial for short-term investors focusing on buying the dips strategy while it will incur a huge loss for long-term investors. The global crypto market just has to wait and see the price pattern of Ethereum, as speculations around them are running wild!