Analysts argue that Ethereum is currently undervalued, especially in the run-up to the transition from Proof-of-Work to Proof-of-Stake. For this reason, Ethereum’s value will increase several times over the next few months after the Merger.
Cryptanalyst and NFT proponent Ethernaz turned to statistics to determine what price gains can be expected in the near future. In his opinion, in the current cycle, investors could witness the formation of a triple top and a V-shaped recovery similar to the S&P 500.
Overall, however, trading activity on the Ethereum network has increased since the Merge chart was released. Cryptopodcast host Luke Martin believes that the recent rise in Ethereum prices was a response to the news that the transition to Proof-of-Stake has been completed.
Following this trend, Ethereum’s price, despite its high correlation with bitcoin, could reach the $1,700 level. This is the opinion of crypto analyst BigCheds.
Ethereum peaked at $826 in 2017 and $4,850 in 2021. Over the past four years, the Ethereum blockchain has welcomed several massive technological innovations, which have seen the value of the ecosystem increase more than sixfold.
Ethernaz believes that the growing number of dApps and developers in the ecosystem will eventually increase the price of ETH by six times its 2017 high.