Ethereum Will See Nothing but Rally if it Surpasses US$1.6K

Ethereum Merge

The path goes only up after Ethereum surpasses the US$1.6K mark.

Ethereum (ETH) is up over 40% in the past month, outperforming bitcoin (BTC) and other major cryptos. BTCS Inc. Chief Executive Officer Charles Allen says in an interview with Coindesk, “I think Ethereum could definitely be a silver lining here”. At the time of writing, Ethereum is running at US$1658.18 with an upward surge. Experts feel that this is the point from where Ethereum will only go up.

The Ethereum team is preparing for the last stages of the Ethereum merge, which is one of the widely anticipated Ethereum developments. The Ethereum chain will now become a fully PoS protocol after this merge. With the PoS consensus protocol, the Ethereum blockchain will be faster and cheaper. This is why the Ethereum merge is one of the most anticipated developments. The launch of the Ethereum 2.0 is projected to increase the adoption rate of the Ethereum bridge because of the faster transaction rate and the reduced gas fee. The number of projects on the Ethereum chain is projected to increase. That’s why the Ethereum price is projected to hit +$2,500 this August.

However, the coin is not yet out of danger. If Ethereum fails to rise above the $1,670 resistance, it could start another decline. Initial support on the downside is near the $1,620 zone. The next major support is near $1,560, below which there is a risk of a sharp decline.

Developers are also discussing a potential MEV-boost failure ahead of Ethereum’s move from its current proof-of-work (PoW) protocol to the Beacon Chain proof-of-stake (PoS) blockchain. The MEV-boost is an important component of the “maximal extractible value” (MEV) for Ethereum. MEV refers to the income that miners (under PoW) and block builders and validators (under PoS) receive as a result of inserting or reordering transactions within a block.

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