Which takes place in less than 1 hour. Given the magnitude of the transition, the Ethereum Merge is most likely the largest event in crypto history.
The price of Ethereum is currently hovering around $1,604, and it has come under selling pressure right before the Merge. While as the merger happens, institutional investors will be watching closely.
The transition of Ethereum to a Proof-of-Stake blockchain network would improve its scalability, efficiency, and environmental friendliness. As a result, it would check almost all of the boxes that institutional investors would be searching for. In an interview with a local media outlet, the co-founder of digital-asset platform Satori Research, said:
“The market is pricing in an almost successful Merger. For institutional investors that are concerned about ESG, this will be a chance to dip their toes into blockchain, tokens, and Ethereum.”
The ability of Ethereum to host and operate smart contracts makes it the ideal blockchain for a variety of applications using dApps, DeFi, and other technologies.
ETH Outlook Post the Merge Event
Since its low of $1,000 in June 2022, the ETH price has surged about 90% before retracing once again. Some crypto market analysts believe that the Merge will be a 'sell-the-news' event, with the excitement around it gradually fading.
They also believe that the global macroeconomics will overshadow the Merge euphoria, putting some downward pressure on the world's second-largest cryptocurrency.
However, some market analysts believe that ETH will reach $3,000 by the year-end. This equates to another 100% gain from current prices. Arthur Hayes, CEO of cryptocurrency exchange BitMEX, was the first to make this audacious prediction.
Stefan Rust, CEO of blockchain development firm Laguna Labs, feels that Ethereum's medium and long-term prospects remain positive. He anticipates the ETH price to reach $3000 by the end of the year and to accomplish "flippening" in time, which means ETH may become the world's largest cryptocurrency.
Read also: BTC Price Heading This Way After ETH Merge
