ETH Price Set to Break Out After Consolidation, Bulls in Control?

Vitalik Buterin, the co-founder of Ethereum, warned that a change in plans may cause the project to be delayed. The huge difficult bomb has been put off, and the project is likely to be delayed further. By August 2022, Buterin’s new road map indicates that he will have finished the merge.

At the Shanghai Web 3.0 Developer Summit, Buterin said that the Ethereum Merge could take place in early August 2022. Vitalik Buterin is confident that the proof-of-stake (PoS) switch will be completed on time. However, he stated that if difficulties arise in the testnet implementation, the launch may be delayed.

The Ethereum Merge may be put off if problems develop and developers discover issues that need to be fixed. The delay, according to Buterin, might push the Merge back to September or October 2022. This news comes as a relief to those concerned about the possibility of another hard fork.

If the Merge is delayed, it’s very unlikely that the switch will occur until 2023. Nevertheless, this would be a step forward from the current roadmap, which has the PoS switch taking place in late 2022 or early 2023.

The challenges that Buterin referred to are the challenges that arise when the ETH blockchain, with all its decentralized applications and regulation, shifts from proof-of-work (PoW) to PoS.

If the market conditions are suitable, Ethereum may rebound to $2,800 once the price trend for ETH is positive, as an expert have indicated. The fractal pattern is similar to what the analyst observed on the Ethereum price chart in October 2016. They observed that the first fake-out is followed by the failure of the ascending triangle. If the ascending triangle pattern plays out, the analyst expects Ethereum’s price to rise to $4,200 in the long run.

It is ideal to wait for lows of ETH to be formed before going long on the market as a breakout to the upside is expected. In the fractal analysis, it can be seen that there are two fake-outs followed by the Ethereum price breaking out of the ascending triangle.

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