(Ekta Mourya – FXStreet)
– Ethereum worth $195 million, 150,000 ETH have been transferred to the ETH2 deposit contract.
– Total Ethereum staked hit a new all-time high of 13.9 million post the successful completion of the Merge.
– Analysts have predicted Ethereum price rally to the $1,500 level, argue that ETH is ready to recoup its losses.
Ethereum’s transition to proof-of-stake was a success and investors continued to pour ETH in the ETH2 deposit contract. Total ETH staked therefore hit a new all-time high. In light of the bullish update, analysts predict that Ethereum could reclaim the $1,500 level.
Ethereum staked in the deposit contract hit a new all-time high
Based on data from crypto intelligence tracker Glassnode, roughly 150,000 ETH worth $195 million was transferred to the ETH2 deposit contract over the past week. ETH2 deposits hit a peak of 13.9 million.
Post the successful completion of the Merge and the subsequent hard forks in the altcoin, there is a decline in the forked coins, ETHW yielded double-digit losses overnight.
According to Chandler Guo, the self-appointed organizer of the recent Ethereum hard fork, proof-of-work ETHW will have the same USD value as Ethereum in ten years. Guo argued that the new token, which currently trades 80% below its all-time high of $58.54, has the potential to grow by 100x.
Guo told Bitcoin.News in an interview that the current price of the forked coin is “very cheap,” hence the scope for it to grow by 100x exists. Guo explained:
Currently, ETH price is high because there are many developers and over 200 different projects running on top of the Ethereum PoS [proof-of-stake] blockchain. On the other hand, there are less than 10 projects on the ETHW.
Analysts predict Ethereum price rally to $1,500
Mac, a crypto analyst evaluated the Ethereum price trend and predicted a bounce to the $1,500 level in ETH. The analyst believes Bitcoin price is ready to reclaim the zone between the $20,000 and $25,000 level.
Analysts at FXStreet believe Ethereum price is likely to decline to the $1,200 level if bulls fail to come through. For more information and key price levels, check the video below: