The widely anticipated Ethereum 2.0 upgrade, or “Merge” has been generating some bullish sentiment for the Ethereum Token even before its application. Experts have suggested that this update will launch ETH towards the $10,000 price mark. The world’s second-largest cryptocurrency has seen a surge of over 23% in the last 30 days.
Crypto analysts expect ETH to cross $10k mark
Crypto enthusiast Lark Davis suggested that Ethereum 2.0 will prove to be the catalyst that will lead ETH towards the $10k price level.
Recently, billionaire Mark Cuban said he was “very bullish” over the upcoming upgrade.
Earlier, Arthur Hayes, BitMEX’s co-founder, predicted that ETH will likely cross the $10,000 price mark by the end of the year. Hayes said that with the transition to proof of stake (PoS), the network will behave similarly to a bond. However, Hayes also added that Bitcoin (BTC) is pure money that basically yields nothing.
BitMEX’s co-founder stated that he is targeting the 2022 allocation as 75% ETH and 25% BTC. Meanwhile, his prior allocation was set as 50% BTC and 50% ETH at the beginning of this year.
ETH is up by 23% in the last 30 days
The long awaited update is nearing its launch, which will aim to upgrade the Ethereum network’s scalability and security through infrastructural changes. The main point of this upgrade will be switching from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) model. The upgrade is also expected to curb ETH’s energy consumption by as much as 99%.
The Ethereum token has registered a gain of over 23% in the last 30 days. Comparatively, Bitcoin is up by just 9% in the same period of time. The ETH is trading at an average price of $3,215, at the press time. According to CoinMarketCap, the world’s second largest cryptocurrency has total market capitalization of over $386.8 Billion.
Interest in ETH has spilled over into other altcoins, and has also benefited the prices of PoS tokens such as Solana (SOL) and Cardano (ADA).