With the Ethereum Merge completion, the crypto industry is witnessing a historic event. The much anticipated event represents the Ethereum network’s formal adoption of the Beacon Chain. As the new consensus layer to the current Mainnet execution layer, the beacon chain acts as a step to future upgrades. Overall, the Merge represents Ethereum’s transition to proof of stake mechanism.
Ethereum Price Momentum After Shift To Beacon Chain
After the price drop due to the CPI data release on Tuesday, ETH failed to recover in the last 24 hours. From trading at above $1,700, the cryptocurrency dropped to as low as under $1,600 level. Earlier on Wednesday, ETH went to a low of $1,565. As of writing, ETH is trading at $1,587.54, down 1.72% in the last 24 hours, according to price tracking platform CoinMarketCap.
Meanwhile, if ETH recovers strongly in the lead up to The Merge completion and reaches $1,675 level, it could mean bullish trends. According to price analysis from Bitcoinsensus, the bullish target for ETH to form a flag pattern is around $1,675. This could mean a potential rally in Ethereum in near term.
“Bllish target for this Ethereum flag pattern is the $1,675 price level. This is a potential surge of about 5%+ that we might see play out in the coming days.