Ethereum will begin consolidation in the coming days, so owners are expecting a huge impact on the altcoin blockchain. Developer Preston Van Loon confirmed that changes to Ethereum’s consensus mechanism could push up ETH prices.
The Ethereum merge is a major event that ETH holders and the crypto community are waiting for. The shift from proof-of-work to proof-of-stake will change the way new ether is created and reduce energy consumption by 99.95%.
In the days leading up to the merge, capital inflows into ethereum declined. Analysts remain bullish on Ethereum despite the drop in total block value and the decline in capital inflows from investors and institutions. ETH aims to become the “global settlement layer” that will be possible after the merge. The move to PoS could further boost Ethereum adoption. In the long run, network security and transaction costs can be reduced, making Ethereum the blockchain of choice for developers.
On Tuesday, the Ethereum Bellatrix upgrade was implemented, the last hard part of the network before the merger. Fan Long explained,
“What it means is the proof-of-work side of Ethereum is now ready to merge with the proof-of-stake side. We see this [environmental impact of PoW] as a barrier for global adoption.”
The beauty of proof of stake is that something is at stake. That is why we believe in this mechanism of work to behave honestly. As Ethereum’s energy consumption decreases, companies will use the ETH blockchain
Analysts have set a target of $2000 for Ethereum
Analysts are bullish on Ethereum and have set a target of $2,000 for Ethereum. The altcoin started to recover from the recent drop and reached the level of $1765. Tony M, one of the leading cryptocurrency analysts, believes that ETH is on its way to recover to $2000.
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