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The performance will be determined by the Ethereum holders’ behavior in the next few weeks.
Looking at the past few months, the performance of the second-best cryptocurrency in the world, one can say that Ethereum (ETH) is finally doing better. And surely the coin is expected to do well in the next few months. There are a lot of developments on the Ethereum chain that will skyrocket the Ethereum price out of the current dip. At the time of writing this article, the price of Ethereum was US$1,219.70 which is trice below its ATH. However, the performance will be determined by the Ethereum holders’ behavior in the next few weeks.
Ethereum’s (ETH) reputation as a pioneer of Decentralised Finance (Defi) technology has given it a god-like status. Launched in 2015, it is a blockchain network that supports smart contract development. As a result, developers can effectively create, deploy, and run decentralized applications (dApps). Its native token, ETH, is currently second on the list of most valuable cryptocurrencies by market capitalization, behind Bitcoin (BTC).
Ethereum has performed incredibly over the years, operating on a Proof-of-Work (PoW) consensus mechanism. Currently, the development team is working towards migrating Ethereum to a Proof-of-Stake (PoS) system. The upgrade will improve its functionality and is projected to cut down Ethereum’s power consumption by 99% while processing about 150,000 transactions per second.
The merge finally happening
The Ethereum Foundation, which uses the analogy of changing the engine of a spaceship mid-flight, says on its website that the merge is “shipping” around “Q3/Q4 2022”. The merge finally happening would prove a big relief for ether, which has slumped on past delays and waning confidence in the upgrade.
The merge could also represent the end of an ordeal for those investors holding a crypto derivative token called staked ether or stETH, which represents either being locked up in a testing environment for the upgrade and which is hard to redeem at scale until at least six months after the merge happens.
What Makes Ethereum Unique?
Ethereum has pioneered the concept of a blockchain smart contract platform. Smart contracts are computer programs that automatically execute the actions necessary to fulfill an agreement between several parties on the internet. They were designed to reduce the need for trusted intermediates between contractors, thus reducing transaction costs while also increasing transaction reliability.
Ethereum’s principal innovation was designing a platform that allowed it to execute smart contracts using the blockchain, which further reinforces the already existing benefits of smart contract technology. Ethereum’sblockchain was designed, according to co-founder Gavin Wood, as a sort of “one computer for the entire planet,” theoretically able to make any program more robust, censorship-resistant, and less prone to fraud by running it on a globally distributed network of public nodes.
Ethereum Price Prediction 2022
Ethereum’s price has ranged since the beginning of June 2022 from US$1,000 to US$2,000. The current Ethereum price is US$1,219, but ETH has tremendous upside potential, which we’ve highlighted in our Ethereum multi-year forecast. According to Business 2 Communicate:
End of 2022 – Ethereum is making new lows to reach key support, which has been held for over a year. Once the price bounces off the key support, Ethereum will reach US$4,000 by the end of the year. That price level is the high set during the coin’s 2021 bull run before a significant retrace, then a surge to the ATH.
End of 2023 – At the US$4,000 price region, Ethereum will encounter heavy resistance, the same as the last bull run. Once it breaks through that resistance, it will surpass its ATH and set a new one at around US$6,000.
End of 2024 – The crypto market will be due for a long and painful winter after the coins have made new ATHs. Ethereum will revisit its key support, at around US$1,400—ATH set in 2018.