Some traders and analysts do not see Ethereum skyrocketing in the near future. Although Ethereum recently merged with the beacon chain, many analysts do not expect any spike in the price.
Ethereum’s merge was unarguably the biggest event that has happened to the cryptocurrency market in recent years. It marked the complete transition of the second-largest blockchain and crypto from proof-of-work to proof-of-stake.
Many users were bullish on Ethereum based on the proposal that the merge would boost the network’s performance and overall scalability. This meant the end of slow transactions and expensive gas fees on the network.
However, some analysts argued that merge was not enough to factor to push the price to the upside. Considering the uncertainties in the crypto market, crypto analyst Marcel Pechman said he doesn’t expect any significant surge in Ether’s price.
At the time of writing, Ethereum is currently trading around $1,274, with a market capitalization of $156,642,880,694. This represents a 2.86% decline in the price over the last 24 hours.
ETH is down by more than 73% since its all-time of $4,891.70 on November 2021. The monthly chart also indicates a 27% decline, which coincides with the prediction by the analyst.
Noteworthily, Ethereum is not the only cryptocurrency seeing a heavy drop in market price. Bitcoin and other major altcoins have also declined significantly since the beginning of the year.
Many people experts price to start seeing relief pumps as the uncertainties in the market calm. Moreso, the crypto market is starting to recoup points if the Federal Reserve begins to pivot.