This downfall for Ethereum is the downfall for the third season in a row. The price has slightly recovered from the downfall and is managing to trade above $3,300. At the time of reporting, Ethereum is changing hands at $3,309 with a downswing of 6.15% over the last 24hrs.
Well, it is to be noted that if Ethereum manages to hold its place above the most critical 200-day EMA, that could hint for the next bull run.
The Upcoming Merge Could Be Turning Point
As per the Bloomberg Intelligence and cash-flow model, from the current price, Ethereum is valued at $6,128 or 180%. Also with the upcoming update or merge on the network , Ether will make Ether an equity-like instrument due to the transformation from proof of work to proof of stake.
The merge will change the way the project valuation will be done as the network’s value will be calculated based on the generated profit rather than mined Ethereum. The fees paid at the network will be revenue for the company.
Meanwhile, Mark Cuban, a Billionaire and crypto fan, claims that he feels “very bullish” regarding the upcoming Ethereum merger as per Fortune.
The merge is expected to happen this summer which is not yet confirmed though. Mark Cuban gives two reasons for his bullish stand on the Ethereum merge.
The first is the transformation of Ethereum from proof of work to proof of stake algorithm. This will make Ethereum ecosystem even more eco-friendly and greener than that of Bitcoin, Litecoin among many other cryptocurrencies.
The second reason Cuban put fourths is that there is a brighter chance for Ethereum’s circulating supply to be reduced since a lot of coins are set to be minted. This will make Ethereum more scarce and in turn pushing for a price rally.
Over The Counter Options For Ethereum On Goldman Sachs
As per the Bloomberg reports, banking giant Goldman Sachs look forward to offer an opportunity for its customers to trade over-the-counter options on Ethereum and these ETH options will be settled in cash.
Was this writing helpful?
Source: https://coinpedia.org/ethereum/mark-cuban-bullish-on-ethereum-bloomberg-valuation-predicts-eth-price-to-be-6k/