Ether Close to $1.5k, is $1,750 on the Horizon?

Ether (ETH)  jumped to $1,482, ending an almost month-long consolidation period, which saw Ether stay within $1,000 and $1,250, according to Bitpush Terminal data. One crypto entrepreneur suggests it could go up to $1,750. 

Now the world’s second-largest cryptocurrency by market capitalization is up over 10% in value over the last 24 hours, with Ethereum and crypto pundits, bullish on the cryptocurrency ahead of its September, Merge event. 

The Merge refers to Ethereum’s network switching from a proof-of-work to a proof-of-stake consensus layer, creating a much more energy-efficient network. The current network is also known as the execution layer, while the new network will be called the “consensus layer.” 

This sudden jump in Ether comes several days after an Ethereum developer announced the Merge would take place in mid-September of this year, just two months away. 

Carl Runefelt, also known within the crypto community as “The Moon,” is bullish on Ether ahead of its much anticipated Merge, with tweets indicating his excitement. First, he tweeted that he is bullish on Ethereum early Monday morning. 

Then, the crypto entrepreneur made a price prediction, saying the digital asset’s new target is $1,750.  

Crypto Rover is also hyped on the recent Ethereum movement, tweeting, “The #Ethereum merge could be the catalyst to pump the market once again!” 

El_crypto_prof on Twitter seemed to echo a similar sentiment, showing that the Ether chart we saw in 2016-2017 is virtually identical to the current chart. He suggested that the alt coin season we saw starting in January 2017 could make an appearance once again shortly.

Futures tracking ETH saw over $230 million in losses in the past 24 hours, 137 million in shorts, and $93 million in longs, according to a CoinDesk report.

Author: Tyler Irvin

Related Articles