After merger and crypto sell-off: positive prospects for cryptocurrency Ethereum

taketonews

• Ethereum plans further updates after “The Merge”
• Lots of potential in the medium term
• ETH whales are buying

Crypto investors need strong nerves these days as prices are far from their all-time highs. Many market participants are even talking about a new crypto winter, in which prices will continue to fall and may not fully recover from it for years to come. The last time such a winter started was in 2017/18.

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2022 was a particularly exciting year for Ethereum, because in addition to the general crypto sell-off, what is possibly the most important upgrade of all time, with which the Ethereum blockchain was made more efficient, made the headlines: It took place on September 15, 2022 with a delay of around three years Finally the long-awaited ETH merger, in the course of which the previously used Proof-of-Work (PoW) algorithm was replaced by the Proof-of-Stake (PoS) method. This not only improves the speed of the network, but also reduces the energy requirement enormously.

But despite this technical success, the price jump that had been hoped for did not materialize. Market participants are now wondering how the No. 2 on the crypto market will continue, especially since the recent insolvency of the crypto exchange FTX is unlikely to ensure a bull market in cyber currencies.

Ethereum has a lot of potential in the medium term

This is exactly the question BTC-ECHO asked the “investment punk” Gerald Hörhan. He sees “a lot of potential” for Ethereum in the medium term, after all it is “the No. 2 among cryptos and the technical basis for most of the crypto industry.” And further: “In any case, I have both BTC and ETH in my portfolio and am building up positions in these bear markets through accelerated savings plans,” says the Austrian entrepreneur and author. Although he expects that the contagion effects from the FTX bankruptcy will remain visible for the next two months, the crypto market should then be based on the (slightly positive) developments on the stock exchange (and thus on the Fed) again.

Ether whales strike

Significant ether holders also seem to be optimistic in the long term and are therefore apparently using the current price level for purchases. At least that is what the blockchain analysts from Santiment reported on November 18 and 21 via Twitter.

Ethereum co-founder: Ether could overtake Bitcoin

The technological developments at Ethereum are not yet complete with “The Merge”. “The Surge” is planned as the next update, a scaling solution that divides the network into smaller particles, so-called shards (“sharding”), which should make it even faster.

Against this background, Anthony Di Iorio, who co-founded Ethereum but left in 2015, expressed optimism about the future prospects and even thinks it is possible that Ethereum can surpass the market capitalization of the world’s most popular cryptocurrency Bitcoin in the future: “If Ethereum continues like this developed, there is a good chance that flippening will occur,” Di Iorio said during an interview with Kitco News in late September.

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