In accordance with Bitcoin’s price surge, Ethereum too has gained for a third consecutive day as the price continues to head away from the recent support level at $2,950. After trading a low of $3,054 on the 19th of April, in the early hours today, ETH Price had reached an intraday high of $3,157.
At the time of writing, Ethereum has slightly dropped to $3,092 with an increase of 0.24% in the last 24hrs.
Ethereum To Uptrend After The Merge
After facing a recent downfall, Ethereum’s price is now in a recovery phase. Ethereum developers have successfully achieved the first test of the “The Merge” and on Saturday the mainnet shadow fork is scheduled to be launched.
As the Ethereum is nearer to getting transformed from proof-of-work to proof-of-stake, the successful completion of the test poses a bullish move ahead for the Ethereum price.
One of the Ethereum developers on Twitter @dapplion tweeted the details of the second merge and says he is bullish about the event.
On the other hand, even the Whales look bullish about the move from proof of work to proof of stake as the whales have been accumulating more Ethereum tokens since a few months ago.
If you look at the data, approximately 60 new addresses with more than 10,000 Ethereum have entered into the network since late February. This increased buying pressure plays an important role in pushing Ethereum towards a breakout.
As the second merger approaches closer, analysts have set Ethereum price’s target at $10,000. One of the crypto analysts and a trader, @IAmCryptoWolf who had predicted Ethereum to reach $4,000 ETH in Q2 has now forecasted a bullish outlook and says Wherein will continue its bull trend.