Can Ethereum’s Price Rise Above $2,000 After Merge Event?

The most eagerly anticipated event is merger of the Ethereum mainnet with the Beacon Chain’s proof-of-stake technology. It will give rise to Ethereum 2.0, a new version that will be based on the proof-of-stake consensus algorithm.

The Beacon Chain serves as the foundation of Ethereum 2.0’s design. It operates concurrently with the Ethereum network as a separate blockchain. The transition of Ethereum’s consensus process from one that employs proof-of-work to one that uses proof-of-stake is referred to as “The Merge,” or crypto lingo, if you will. It symbolizes the merger between Ethereum’s new Beacon Chain proof-of-stake consensus layer with its current execution layer.

Vitalik Buterin stated that the network will be able to handle 100,000 transactions per second. The Merge, however, is only the first of the protocol’s upcoming five stages. Let’s take a look at the ETH price levels

ETH Price Prediction

The downside rejection of the price causes the Ethereum price to keep falling. The latest upward rise lost pace as the bulls gave up at the upper level close to $1,700. A previous impulse move was made by the ETH after it had been consolidating in a short-term range between $1,000 and $1,200.

To the contrary, a significant decline came into play by the price’s meeting with the resistance zone between $1,600 and $1,650. The bulls must sustain the price of ETH above the $1545.77 support level to target $2,000 price level. Otherwise, the price would fall to the $1432.70 support level.

Images courtesy of TradingView.

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