Indeed, the provisional Merge timeline to turn off the Proof-of-Work (PoW) algorithm has been set for the week of September 19, according to the Week in Ethereum News newsletter published on July 16. As a result, Ethereum continued to strengthen on its weekend gains, climbing to $1,480 on July 18, which is a gain of over 28% from its price seven days before, according to CoinMarketCap data. Per crypto analytics platform CryptoRank, the scheduled Merge “led to a spike in the price of Ethereum, and also accelerated the accumulation of tokens on the ETH 2.0 Deposit Contract.” Indeed with an 11% gain on the day, the digital asset is currently outperforming Bitcoin (BTC), which increased by 4.76% and is trading at $22,209 at press time.
Will Ethereum continue its rally?
According to the pseudonymous crypto trading analyst Rekt Capital, in order for Ethereum to move closer to the $2,000 level, it would need to weekly close inside the region between $1,300 and $1,800 “and retest it as support, much like in early 2021,” as he tweeted on July 17. At the same time, a professional crypto trader known by his Twitter handle @CryptoDonAlt expressed on July 18 his view that the Merge announcement might give more fuel to Ethereum’s growth: Meanwhile, the CoinMarketCap crypto community predicted in early July, with 11,254 votes, that the decentralized finance (DeFi) currency would trade at an average price of $2,529 by the end of the month. Whether their projections will prove accurate, remains to be seen. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
