Ethereum Price Prediction – ETH Is Ready for the Fightback

Ethereum Price Prediction - Why ETH Is Ready for the Fightback and You Need to Buckle Up

Ethereum is the second most valuable crypto project behind Bitcoin. The protocol enables the development of several decentralised solutions and apps and directly impacts music, gaming, entertainment, and decentralised finance (DeFi). However, it has not enjoyed a smooth sail in this year’s second half.

What are the possible turning points for Ether’s price, and what crypto asset is the best investment for now? Continue reading to find out.

The Merge Comes with More Tidings

The Ethereum network recently completed its transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus algorithm. This is the first step in the series of network changes included in its Ethereum 2.0 roadmap. The immediate effect is even much more worthwhile for ESG-minded investors.

Now that Ethereum has switched to PoS following the Merge, Ethereum’s energy consumption has been slashed by 99%. Speaking on this momentous event, Ethereum’s principal developer, Vitalik Buterin, said the transition has basically solved 0.2% of the world’s energy concerns.

With Ethereum now carbon neutral, environmentally-focused investors are likely to turn their attention to it in the coming weeks.

Ethereum Is Now Deflationary

Another side effect of the Merge is the reduced number of tokens issued to validators. Following the historic upgrade, the Ethereum network has so far issued 5,427 new Ether tokens compared to its former PoW system, according to current data from ultrasound.money. When simulated against its former consensus algorithm, the Ethereum network would have issued a whopping 103,984.86 Ether tokens to its blockchain miners.

Popular Ethereum crypto influencer Thomas Kralow believes this transition could set the smart contract network up for future success. According to him, Ethereum could hit $10,000 following the growing institutional adoption in the coming months.

More Is Yet to Come

The Merge is the first of many upgrades the Ethereum network will undergo in the coming months. Buterin said Ethereum would still undergo the Surge, Verge, Purge, and Splurge. Each are critical network points that would essentially make Ethereum much more suited for both businesses and individuals and would see sharding, cleanup, and evolution of the protocol ensue.

Confirming the details at a Community Conference in France, Buterin noted that the development of the network is more of a long-term goal instead of rushing to the market with an unfinished project. This way, Ethereum would be sustainably scalable, cheap, and use less energy as well.

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About Bony Adnan 82 Articles
Bony Adnan is a young high schooler very passionate about journalism. Bony loves to learn new things and share his ideas with the world. He was the editor of his school's newspaper for two years. Currently, he is an intern at PanAsiaBiz. You can read some of Bony's thoughts and ideas at https://bonyadnan.weebly.com/. He is reachable at [email protected]