Ethereum when compared with bitcoin increased by a whopping 48% over the last seven days, while BTC price surged just 19% during the same period. ETH’s price is now trading at $1549, a 66% increase from recent lows at $918 on June 19.
The highly anticipated upgrade announcement, The Merge, on the Ethereum network has made a positive impact on its native asset ETH.
Ethereum Merge: Is it a Bull Trap for Short-term Investors?
A well-known cryptocurrency analyst has revealed what he believes will happen to the high-quality contract platform Ethereum (ETH) after its much-anticipated transition to proof-of-stake.
Coin Bureau’s YouTube channel hosted by Guy informs his 2.08 million followers in a new video update that Ethereum’s growth should occur by the end of the year and ignite recent ETH surges.
He emphasized that it is extremely probable that an ETH merger will occur this year based on the developers’ conviction to schedule it for September, even if there were a few glitches and it had to be postponed once more. Hence three more months remain as a safety net for the remainder of the year.
He also predicted that the price of ETH might rise after the merger, which is another sign of a bull trap for short-term investors.
Guy simply suggests that as investors decide to sell the news in order to concentrate on the following two updates, the price of ETH may temporarily decline following its gain.
Guy claims he is still long-term optimistic about ETH because he reckons the Defi industry, which dominates Ethereum, is a groundbreaking prospect.
“I am holding ETH for the long term, I’m bullish on the technology and the transformative power of DeFi. The recent collapse of all those CeFi (centralized finance) crypto firms further reinforces that belief. It’s that perspective that allows me to huddle for the long term.” Says Guy
The merger is scheduled to happen on September 19, according to recent comments made by ETH developer Tim Beiko.
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