According to founder Vitalik Buterin, the Ethereum merge will be in effect from 13-15. The upgrade, which has been expected since 2015, could be a miracle for PoW Blockchains, according to experts.
Experts expect this altcoin to peak before the Ethereum merger
Ahead of the much anticipated Ethereum merge, investors look for the right time for the Ethereum Classic peak range. On the one hand, Ethereum (ETH) price shows high volatility, while Ethereum Classic (ETC) has shown positive momentum recently. Looking forward, there is a possibility that ETC will peak to a certain extent as the merge approaches. ETH price briefly rose with the news that the Bellatrix upgrade will be released on Ethereum on Tuesday. But today it’s losing double digits.
Where is the next ETC summit?
Ethereum Classic is emerging as the first answer to Ethereum miners’ search for new networks. In this context, it’s really interesting to see how far ETC can go. If Ethereum Classic peaks even further and stabilizes in the post-merge range, the community will benefit greatly.
Meanwhile, crypto analyst CryptoLord predicted that ETC would peak before crashing. He added that ETC demand could be driven by evidence from miners and study backers. The analyst expects the following levels as the ETC summit:
Miners and maximum PoW power are rising in ETC. How far can it go before it crashes? I’m thinking $46-52.
Ethereum Classic (ETC) is currently trading around $35. If CryptoLord’s prediction comes true, it will mean around 30% gain for ETC. Meanwhile, ETC price was last traded in the $46-$52 region in August.
short-term forecasts
Ethereum Classic is witnessing massive traction in the form of buying pressure as the merge date approaches. Recently, the ETC price has risen tremendously. Thus, it gave new hopes for the market, which was dominated by a bearish atmosphere at unprecedented levels. In about two months, the ETC price has more than doubled. Trading at just over $15 in mid-July, ETC surged to a high of $41.60 on Tuesday.
As the developers noted, the Ethereum merge is expected to happen around September 15. The merge will switch the Ethereum network from mining to a proof-of-stake (PoS) mechanism. Thus, the need for mining-related transactions on the network will be eliminated.
Ethereum merge announcements
cryptocoin.comAs you follow, the Ethereum foundation published an announcement dated August 24. They confirmed that the final transition of the network to the PoS consensus mechanism will be a two-stage event that will take place between September 6 and September 20. The first phase, called the Bellatrix upgrade, is planned for the period 144896 on Beacon Chain. This is expected to happen at 14:34:47 on September 6th. Before this time, Ethereum node operators need to upgrade to the latest version. According to the Merge readiness client deployment map on Ethereum, only 1,540 nodes completed the required upgrade at time of writing.
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