The cryptoverse has borne the brunt for close to half a year for not one but vivid reasons. Which has resulted in the market capitalization facing the wrath. The numbers at press time stood at $1.3 T. Successively, the much wished for alt season is being delayed in view of the numerous complications. One major reason is the big mover “Ethereum remaining” clutched by its inherent setbacks.
Consequently, the persistent setbacks have resulted in a lack of interest amongst users. Which has made way for a fall in gas fees. The ebbing activity is further justified by the increasing stakes in deposit contracts of ETH 2.0. While the recent developments have brought in the much-needed relief, marketers are keen on the price projections of ETH.
The Big Day Now A Week Away?
According to the official announcement, the much-awaited Ropsten testnet will be the first in the queue to rush into the Merge. On the 30th of May 2022, the makers had launched a new Ropsten Beacon chain. Which would provide consensus to the network. The transition is scheduled to happen on the 8th of June 2022, which is now less than a week away.
Following the transition, Ropsten would bid adieu to the Proof-of-Work consensus mechanism to shake hands with the Proof-of-Stake consensus mechanism. Post the transition of Ropsten, two more public testnet’s await the merger, which are Sepolia and Goerli namely.
Is This Where ETH Price Could Head Next?
ETH at the time of press is changing hands at $1,938.31, with losses of 1.85%. While the market capitalization is hovering around $234,639,450,063. The volumes for around the clock presently stand at $17,214,580,372. The largest altcoin has ranged in the 24-hour bandwidth from $1,918.96 to $1,992.66.
After failing to retrieve above the $2,000 price tag, Ethereum is now trading well above the 100H SMA. Heading north, the immediate resistance waits at $1959.8. Claiming which the next target is at $1980, ahead of the crucial levels at $2000.91. A surge above this will land ETH at $2147.75.
Conversely, failing to sustain at the levels the price could fall to $1920. Aggravating further, ETH could land at its major support of $1900.
Summing up, with the developments now happening at an impressive pace, the merger to ETH 2.0 is expected to happen sometime in August or September. Are you one of the many who are keen on the long-term prospects of ETH? Fret not, as our ETH price prediction illustrates the feasible targets for 2022 and beyond.