Analysts are evaluating the likelihood of Merge’s success and post-scenarios with the probability of a fork. IntoTheBlock vice president of research criticized Ethereum Classic and argued that ETC is a meme coin. Analysts are predicting that ETH price will drop to $1,508 by identifying a short selling opportunity in the altcoin.
Analysts evaluate scenarios after Ethereum Merge
cryptocoin.comAs you follow from , Ethereum Merge, which is expected with great hope, is approaching. Analysts at Galois Capital, on the other hand, are predicting a fork on Ethereum. Therefore, they argue for the possibility of both ETH1 and ETH2 co-existence. Prior to Ethereum’s transition from Proof of Wor (PoW) to Proff of Stake (PoS), crypto Twitter is brimming with the possibility of a fork and a parallel PoW alongside PoS. Analysts at Galois Capital predicted three forks. Therefore, three Blockchains will exist in parallel:
- Difficulty bomb with ETH1-PoW
- Without difficulty bomb with ETH1-PoW
- ETH2-PoS
Analysts have explored the possibility of a failed Merge and discussed the above. Since the ETH1 PoW proof has a large miner network, Galois Capital analysts believe it will be a fork to protect the existing ecosystem.
Larry Cermak: Ethereum Classic, a meme coin
Larry Cermak, vice president of research at IntoTheBlock, was critical of Galois Capital’s handling of the post-Merge Ethereum scenario. Cermak believes that unless the Merge fails, there is no reason for PoW Ethereum to exist. At a recent conference, Vitalik Buterin recommended that followers of the PoW model migrate to the original Ethereum Blockchain, Ethereum Classic (ETC). This is the opposite of Larry Cermak’s ETC view. Cermak claims that ETC is a meme coin. In this context, Cermak comments:
Basically, no one is developing. No users, terrible security. It’s just a meme coin now, like XRP or any other garbage, right? I really don’t understand why Ethereum should legitimize the PoW fork unless the merge fails.
If there are two or three parallel ETH Blockchains, post-Merge for the altcoin changes the narrative. Therefore, a successful transition to Proof-of-Stake is a key to ETH value for Ethereum holders.
Analysts show bearish trend in Ethereum
Analysts evaluating the ETH price trend predict a bearish trend for the leading altcoin. The second largest cryptocurrency is likely to continue its downtrend and experience a bearish turn. Also, Trader_XO sees an opportunity to profitably short Ethereum in two scenarios. The analyst sets a target of $1,508 for ETH price.
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