Ethereum’s Merge upgrade will take place in September, and it will also improve the security layer of this network. Moreover, it will offer better transaction speed and lower fees. At a Blockchain Futuristic Conference in Toronto, the co-founder of Ethereum, Vitalik Buterin, said this. It will finally migrate to the Proof of Stake consensus, which will be more eco-friendly than the previous version. The energy consumption will be reduced by 99%, which will greatly improve long-term sustenance.
Buterin also suggested the aim should be on scalability, and a Merge upgrade will play an important role because it will allow more updates in the future for the benefit of users and investors.
Ethereum has always ranked in the top five cryptocurrencies since its inception, so you can treat it as an asset for the long term, especially after the Merge upgrade, because the ETH price will surely go up. However, you have to consider the technical indicators as well. For more in-depth insights, you can explore our Ethereum price prediction.
At the time of writing this post, ETH was trading at around $1892. From the third week of July, Ethereum has been in an uptrend. Candles are forming in the upper range of the Bollinger bands, which suggests an uptrend for the short term. Most technical indicators are bullish, RSI is 67, and Bollinger Bands also suggests bullishness. That means it is an ideal time to invest for the short term and take the benefits of this uptrend.
On the weekly chart, we can find six green candles, which suggests bullishness along with strong MACD and RSI. The only negative sign is that candle sticks are forming in the lower half of the Bollinger Bands, which may suggest a downtrend after hitting the baseline. You can take the ride for the short term, but you should not invest at this moment for the long term because Ethereum may change the momentum, which is also known as the bear’s trap.
If ETH enters the upper range of the Bollinger Bands and sustains for two weeks, then we can consider it as long-term bullish. However, considering the fundamentals, investors may treat it as an asset for the long term. That means, technically, if the price falls, they should not worry about the loss of capital because that will be a better opportunity to buy for the long term.
