Ethereum prices were looking more likely to go up after the news of the launch of the new Merge technology was announced. However, in today’s trading session, the prices look to be struggling, and even though the crypto has risen by under a percentage point, there is a high likelihood of Ethereum closing today’s trading session below the opening price.
The Ethereum prices are rising today despite the announcement by Ethereum core developer Tim Beiko, through his Twitter account, that the much-anticipated Merge would not be launched in June. The Merge technology is a promise by the Ethereum platform to shift to a proof-of-stake model of operation.
According to people privy to the information, including Ethereum’s DevOps engineer Parathi Jayanath, the delay is due to unfixed bugs in the Merge migration. Jayanath indicated that they had successfully carried out three shadow forks of the Ethereum platform’s Goerli testnet. However, they had noticed bugs that needed to be fixed.
This brings an end to speculation that the Merge technology would have seen the platform migrate to the proof-of-stake mechanism. This would have seen the Ethereum platform cease to use the proof-of-work system, similar to that of Bitcoin.
The Proof-of-work mechanism has been criticised in the past for being resource-intensive. It is also deemed slow, with high fuel cost, which has made it very expensive to carry out Ethereum transactions. However, the migration will address the core problems of the platform, changing almost everything we have come to know about Ethereum.
Ethereum Price Prediction
The daily chart below shows today’s trading session being bullish for Ethereum. However, looking at the bigger trend in the chart, we can see Ethereum is still in a strong bearish move. This includes looking at the Williams Alligator, which shows a strong bearish move.
Therefore, it is likely that the current gains in today’s trading session are temporary. It is also highly likely that Ethereum will reverse during the session and continue with the downward trend. If that happens, I expect the crypto to trade below the $3000 psychological level. There is also a small chance it may trade below the $2,800 level in the coming days.
Ethereum Daily Chart
