It was carried out on March 15 and is the last of this type of trial before deploying the final merger, which will take place in the second half of this year, without a specific date or other reference from the Ethereum Foundation.
Good progress of development and testing “makes change more likely than ever”, says Simon Peters, an analyst at eToro. And it has unleashed the optimism of ether investors -the Ethereum token-, who are already launching all kinds of predictions for its price: 10,000 or 20,000 dollars are achievable in the short term, since the update itself will increase demand. of ethers due to the faster transaction speed Yet the decrease in costs implying. Furthermore, experts highlight that most of the existing crypto tokens are already deployed on the Ethereum blockchain, which means that this update will also have a positive effect on them.
Although one of the main features of ‘Merge’ is the change of the current consensus algorithm, it involves various improvements intended to make Ethereum faster and more scalable. Ether price responded by rising to $3,000 and Peters notes that the protocol change “potentially makes the crypto asset more prone to deflation, which could have an additional positive effect on price.
cryptocurrencies on the rise
As for the rest of the market, the momentum is also imposed on Cardano, XRP and BNB with increases of 5% and 3% respectively.
“The Queen of cryptocurrencies, bitcoin, has finally woken up and today we have seen that its price has risen. Like gold, bitcoin is also seen as a hedge against inflation, especially since bitcoin is in limited supply,” said Naeem Aslam, head of research at AvaTradre.
As for technical price levels, the expert warns that “traders are likely to continue to watch the digital currency very closely as it begins its journey towards its main real resistance of $50,000.”Only once the price of bitcoin breaks above this key resistance level can we say that the price narrative has changed dramatically now, and the odds are in favor of higher highs and higher lows. Until then, bearish sentiment is likely to prevail“, indicates.
“However, the lack of catalysts for further increases calls for patience,” said Craig Erlam, an analyst at Oanda at Bolsamanía.
“The underlying is moving within what is a symmetrical triangle (lower highs and higher lows). And until the price breaks one way or the other we will not have confirmation about what may be the next big trend movement” , says José María Rodríguez, an analyst at Bolsamanía. “What short-term support zone we have the base of the triangle (35,000) and the upper part as resistance (45,300). But until the price does not break clearly we will have nothing at all. Everything will remain the same and we do not want to find the ‘excuse’ for the movement of the day.”
“What seems clear is that only above US$46,000 (February highs) the buying signals in bitcoin will be strongly activated again. And meanwhile there is nothing to do here, “he proclaims.
From the fundamental point of view, investors are waiting for the decision of the US Securities and Exchange Commission (SEC) to approve its first spot bitcoin ETF. Yesterday, the agency said it would extend its window to make a decision on WisdomTree’s Bitcoin investment vehicle. Having the Bitcoin Spot ETF approved will really be a game changer for bitcoin, and the fact that the SEC did not overturn the decision this time has increased the odds that the news will be more positive.
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Source: Ambito
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