Ethereum (ETH-USD) users are growing restless. Developers have teased the Merge, one of the most-hyped blockchain upgrades ever, for months. Now it seems that the moment investors having been waiting for could finally be here. ETH prices are booming on the news. Ethereum price predictions are also heating up ahead of the major catalyst.
Like any other crypto, ETH prices have been on a ride this year. After ending 2021 strong, the market declined for much of the first quarter of 2022. Since then, though, that steady decline has turned into a nosedive prompted by the collapse of Terra Classic (LUNC-USD). That resulted in the bankruptcy of some major crypto institutions. Although ETH started the year at nearly $4,000, it bottomed out below $900 in June.
That said, the Ethereum network is sitting on an upgrade that could help it reverse its misfortune. Once implemented, the Merge will combine the Ethereum chain with the Beacon chain — a blockchain built by developers that contains all the upgrades users have been asking for over the years. The most important of these upgrades is the migration from proof-of-work to a proof-of-stake consensus mechanism. That will save users on gas fees as well as drastically reduce transaction bottlenecking.
Unfortunately for users, though, the Merge has been delayed a lot. Since launching the Beacon chain in December 2020, developers have pushed back the upgrade six times.
Given the scope of the Merge, the delays are understandable. Developers just want to get everything right. This week, however, it looks like users may be able to expect the final release soon.
Ethereum Price Predictions Surge as Merge Inches Closer
Developers are assuring investors that the latest June delay of the Merge is also likely the last. On July 14, they announced that the network is still on track for its promised mid-September fork date. Now investors appear to be taking these promises to heart. Ethereum price predictions are becoming red hot.
On top of this reassurance, developers have also successfully implemented the ninth shadow fork on the network. These shadow forks allow the team to test new updates and make sure everything is falling into place. The latest fork is definitely a positive sign. As developers release test forks and approach September launch date, it’s looking like very few bugs are standing in the way.
ETH prices have been jumping on all of this news, gaining more than 1o%. This comes amid a sizable 30%-plus surge in trading volume. Nearly $20 billion in ETH has swapped hands in the last 24 hours.
What should investors expect for this crypto’s long-term prospects? Let’s take a look at some Ethereum price predictions.
- Coin Price Forecast expects Ethereum to make a solid run of about $700, ending 2022 at $1,905.
- DigitalCoinPrice is slightly less bullish, but it still expects big gains. The site predicts ETH will hit an average of $1,616.93 in 2022.
- WalletInvestor give a bullish 12-month forecast for ETH. By July 2023, it expects the crypto to reach $2,611.51.
- Finally, Gov Capital gives a 12-month prediction of $3,220.51 for Ethereum.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.