The ETH Merge event, which will take place in less than 24 hours, is presently the focus of attention. Given the scope of the shift, the Ethereum Merge is most likely the largest event in the history of cryptocurrencies.
In the days leading up to the Merge, selling pressure has increased on the ETH price, which is now trading around $1,600. Investors in the institutional sector will be eagerly monitoring the Merge.
Ethereum will become a Proof-of-Stake blockchain network, which will increase its scalability, efficiency, and even environmental friendliness. As a result, it would meet practically all of the criteria that institutional players would have. Teong Hng, a co-founder of the digital asset platform Satori Research, spoke to Bloomberg TV and said:
“The market is pricing in a virtually successful Merge to happen. For institutional investors, ones who are ESG conscious, they will use this as an opportunity to dip their toes into blockchain, into tokens, into Ethereum.”
Ethereum is the best blockchain for many applications involving dApps, DeFi, and other things since it can host and run smart contracts.
Outlook for ETH After the Merge Event
The price of ETH has dramatically recovered since the low of $1,000 in June 2022, rising nearly 90% before retracing once more. Some commentators of the cryptocurrency market think that the Merge would be a “sell-the-news” event, with the excitement surrounding it gradually fading.
Additionally, they believe that the euphoria surrounding the Merge would be overshadowed by the global macroeconomic, which could put some pressure on the market to sell the second-largest cryptocurrency.
However, some market analysts are confident that ETH will reach $3,000 by year’s end. Another 100% increase over the existing price levels is indicated by this. The first to provide this audacious forecast was Arthur Hayes, CEO of the cryptocurrency exchange BitMEX.
The CEO of blockchain software company Laguna Labs, Stefan Rust, concurs that Ethereum’s medium- and long-term prospects are still promising. He predicts that the price of ETH will reach $3000 before the end of the year and that it will eventually flip, making it the largest cryptocurrency in the world.