Ethereum price broke its multi-month downtrend by rallying to $3,200, and data suggests that bulls expect the uptrend to continue in the short-term.
shows that since the successful launch on Kiln, the price of Ether has climbed 25% from $2,500 to a daily high at $3,193 on March 25 as traders look to lock in their positions ahead of the merge.Here’s a look at what analysts in the market are saying could happen with the price of Ether as the merge approaches and how the switch to POS could affect its price long term.
This, in turn, wilhelp to attract more institutional money into the Ethereum ecosystem as the Environmental, Social and Governance concerns “around the energy consumption of mining/proof-of-work are mitigated.” A final bit of insight into the effects of the upcoming merge was put forth by options trader and pseudonymous Twitter user McKenna, who posted the following tweet likening the effects of the merge to that of Bitcoin halvenings.Only difference is ETH becomes a deflationary asset W/ EIP1559.
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