- ETH price overcame $3,000 as enthusiasts awaited for the Merge, a milestone update on the Ethereum mainnet.
- The alt’s platform has burned approximately 5 billion Ether tokens as the PoS transition nears
- Crypto analysts trust ETH is ready for a 20% ascent following a price bounce.
The current upside move might see Ethereum price posting 20% gains. The community remains keen, awaiting the much-anticipated upgrade on the ETH mainnet. Experts have observed a rebound in the ETH price trend and forecasted a bullish picture of the alt’s value.
Ethereum Poised for 20% Surge Ahead of Major Update
Ethereum price appeared prepared to overcome its long-term bearish trend-line. That is according to Willy Woo, a cryptocurrency analyst. Woo commented on ETH price movements over the past months, stating that the leading altcoin maintained bearish bias for more than three months, and Ethereum contemplates trend reversals.
Ethereum mainnet’s milestone event, the Merge, draws closer following its onset on testnet. Meanwhile, Ethereum sees increased token burning ahead of the anticipated upgrade. The burn had Ether worth more than $5 billion removed from circulation.
Previously, the EIP-1559 update was the vita upgrade in the altcoin’s ecosystem. It aimed to introduce stability and predictability in gas fees. Enthusiasts believe the Merge might ensure deflationary pressure on the altcoin.
As burning reduces Ethereum’s supply, it makes the token scarce. That might positively influence ETH price, translating to an upside rally for the leading altcoin. Moreover, analysts predicted trend reversals for ETH after evaluating the token’s price actions. A crypto trader and analyst, Michael van de Poppe trusts Ethereum’s price would hit highs past the $3,000 mark.
FXStreet analysts believe ETH closing past $3,033 might lead to an Ideal Ichimoku upside breakout, which has never happened since 2021 October. That way, analysts trust Ethereum can gain 20%.
Ethereum price stays on the road towards massive upside breakout. The narrative emerges as the altcoin’s network awaits ‘The Merge’ upgrade. Moreover, the network has burned ETH tokens worth $5 billion as it nears the PoS transition. That makes Ethereum supply scarce, boosting price surges.
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