The post Ethereum Fake Breakout – ETH Price Will Drop To $675 Level Before Rising Again appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The second-largest cryptocurrency asset by market capitalization, Ethereum (ETH), is making a remarkable comeback as the market as a whole begins to recover from a recent bearish storm that pushed it to the ground.

The coin recently broke the $1,500 threshold, rising in value by more than 45% in just one week.

The consensus of 53 crypto and Web3 fintech industry professionals is that the price of Ethereum will initially decline to as low as $675 before rising once more and closing the year at $1,711.

Looking farther out, the results of the most recent Finder price predictions report show that the panel predicts Ethereum would end the year at $5,739 and $14,412 respectively.

Is it a good time to stack ETH?

The panelists disagree on whether now is the ideal time to acquire ETH given the recent crypto market fall and the impending Ethereum Merge, which will formally signal the network’s switch to the Proof-of-Stake (PoS) algorithm.

In particular, 43% of panelists said they thought it was a good time to buy Ethereum, while 16% said they thought it was a good time to sell it. Another 41% think that cryptocurrency traders and investors should merely “hodl” right now.

As for the price of Ethereum, 78 percent of the panelists think it will go up as a result of the Merge; more than a quarter think it will rise right away, 24 percent three months later, 13 percent six months later, and 11 percent a year later.

Dr. Dimitrios Salampasis, director and lecturer at Swinburne University of Technology, who is one of the more bullish specialists and forecasts that ETH will trade at $2,350 by the end of 2022, says that the favorable effect will start to show six months after the Merge:

“The expected transition to a Proof-of-Stake consensus algorithm is expected to boost the scalability of the network and bring more efficiency and effectiveness in transactions, along with, potentially reducing gas fees. Ethereum will still need to innovate to ensure that it has a differentiation point compared to its competitors, particularly Algorand and Solana.”