Ethereum has been on a downtrend ever since the crypto crash back in October 2021. Since then, prices have been on a continuous downtrend. When Ethereum moved from proof-of-work to proof-of-stake, everyone anticipated higher prices following this transition. However, Ethereum failed to increase in price. Is Ethereum Bullish still despite those negative events? The answer lies in the charts…let’s jump right into it in this Ethereum price prediction!
What is Ethereum (ETH)?
In 2015, the Ethereum mainnet launched. Vitalik Buterin, Gavin Wood, and Jeffrey Wilke were the main forerunners in the creation of Ethereum. ETH quickly became one of the top initiatives in the cryptocurrency industry as the market capitalization increased rapidly.
The proof-of-work consensus algorithm was the foundation of both Bitcoin and Ethereum at the outset. The latter however, switched to proof-of-stake recently. Ethereum has a Turing-complete virtual machine, in contrast to Bitcoin. Smart contracts, also known as decentralized programs, can be produced with this machine. On the blockchain, these programs are recorded alongside transactions. The features of these applications should then be accessible to users via transactions. With this, the program’s conditions can be altered in accordance with the logic and circumstances.
Was Ethereum Merge Successful?
One of the most significant recent developments in Ethereum and the cryptocurrency industry at large was the Ethereum Merge. The consensus algorithm of a running blockchain network was altered for the first time. This is still the case; it is the second-largest blockchain behind Bitcoin and the most well-known.
Different Ethereum network users and investors have various goals for the Ethereum Merge. A catastrophic failure that would significantly impact the Ethereum network was predicted by some pessimists. Others who invested predicted a price increase after the merger. Most attendees were probably certain that the Ethereum integration would go down without a hitch.
Source: https://cryptoticker.io/en/is-ethereum-still-bullish-the-answer-might-not-shock-you/