- Preston Van Loon believes that the long-awaited Ethereum update will drive the price higher.
- ETH is currently trading above the immediate psychological level of $1,700 at $1,734.45.
- Those who are bullish on Ethereum have set a $2,000 target for the altcoin.
The Ethereum (ETH) blockchain will be heading into the Merge in the next few days, and now, people are awaiting the impact of the event on the altcoin’s blockchain. Ethereum’s lead developer, Preston Van Loon, believes that the long-awaited Ethereum update will drive the price higher.
According to CoinMarketCap, ETH is currently trading above the immediate psychological level of $1,700 at $1,752 after a 0.60% drop in price over the last day and after reaching a high of $1,782.73 over the same time period.
Although ETH saw a slight dip over the last 24 hours, the altcoin is still up more than 10% over the last week.
At the time of writing, ETH’s market cap stood at $214,255,608,829, and the crypto’s 24 hour trading volume was up more than 14%. This means that ETH’s trading volume stands at around $14,290,744,510.
In the days leading up to the Merge, there has been a bit of a decline in capital inflow in Ethereum. Despite the drop in Total Value Locked (TVL) and the reduced capital inflow from investors, most analysts remain bullish on Ethereum.
As mentioned earlier, Van Loon believes that the Merge will have great things in store for crypto. The developer also believes that the ETH update will lead to higher adoption and, in the long term, a reduction in the network and security costs of transactions. He is convinced that this will turn Ethereum into the preferred blockchain for developers.
Those who are bullish on Ethereum have set a $2,000 target for the altcoin.
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