Will Ethereum 2.0 Drive ETH Prices Past $10k?

Ashish Kumar
April 9, 2022
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ETH has slumped nearly 20% from April highs

The widely anticipated Ethereum 2.0 upgrade, or “Merge” has been generating some bullish sentiment for the Ethereum Token even before its application. Experts have suggested that this update will launch ETH towards the $10,000 price mark. The world’s second-largest cryptocurrency has seen a surge of over 23% in the last 30 days.

Crypto analysts expect ETH to cross $10k mark

Crypto enthusiast Lark Davis suggested that Ethereum 2.0 will prove to be the catalyst that will lead ETH towards the $10k price level.

Recently, billionaire Mark Cuban said he was “very bullish” over the upcoming upgrade.

Earlier, Arthur Hayes, BitMEX’s co-founder, predicted that ETH will likely cross the $10,000 price mark by the end of the year. Hayes said that with the transition to proof of stake (PoS), the network will behave similarly to a bond. However, Hayes also added that Bitcoin (BTC) is pure money that basically yields nothing.

BitMEX’s co-founder stated that he is targeting the 2022 allocation as 75% ETH and 25% BTC. Meanwhile, his prior allocation was set as 50% BTC and 50% ETH at the beginning of this year.

ETH is up by 23% in the last 30 days

The long awaited update is nearing its launch, which will aim to upgrade the Ethereum network’s scalability and security through infrastructural changes. The main point of this upgrade will be switching from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) model. The upgrade is also expected to curb ETH’s energy consumption by as much as 99%.

The Ethereum token has registered a gain of over 23% in the last 30 days. Comparatively, Bitcoin is up by just 9% in the same period of time. The ETH is trading at an average price of $3,215, at the press time. According to CoinMarketCap, the world’s second largest cryptocurrency has total market capitalization of over $386.8 Billion.

Interest in ETH has spilled over into other altcoins, and has also benefited the prices of PoS tokens such as Solana (SOL) and Cardano (ADA).

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.