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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Why The Ethereum Merge Could Destroy ETH’s Competitors

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Ethereum

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Ethereum could re-test its support zone as the general sentiment in the crypto market hints at further losses. The second crypto by market cap has been leading this current rally with Solana (SOL), Avalanche (AVAX), and other large cap cryptocurrencies.

Related Reading | Arthur Hayes’ Crystal Ball Predicts: Ethereum To 5 Digits

In the coming months, Ethereum could continue to dominate the market. According to some experts, such as former BitMEX CEO Arthur Hayes, ETH’s price could outshine its layer-1 competitors.

At the time of writing, ETH’s price trades at $3,400 with a 2% loss in the last 24-hours.

Ethereum ETH ETHUSD
ETH trends to the upside on the 4-hour chart. Source: ETHUSD Tradingview

Hayes’ support his bullish thesis for Ethereum on “The Merge”. The upcoming ETH 2.0 upgrade that will combine the network’s execution layer with its consensus layer.

This will consolidate ETH’s migration into a Proof-of-Stake consensus algorithm. In addition to Hayes, Bloomberg Intelligence Senior Commodity Analyst Mike McGlone believes the event will be bullish for ETH’s price.

The analyst believes ETH is about to “change the rules of the game”. The Merge will transform ETH into a unique financial asset with commodity, equity, and monetary traits.

Using a discounted cash-flow model on ETH, the analyst concluded that it’s currently undervalued. McGlone believe the cryptocurrency could break above $6,000 with 110% upside potential.

As seen below, in a diagram explaining the discounted cash-flow model, the upcoming staking system for ETH will provide investors with several value-creation factors.

Ethereum ETH ETHUSD
ETH will have more value creation factors after The Merge. Source: Bloomberg Intelligence

Ethereum About To Change The Game?

McGlone looked into ETH’s transaction fees since its inception in 2015. During this period, the second crypto by market cap has seen an increase in the price per transaction. This trend suggest acceleration in activity, demand for block space, more adoption, and value aggregated to the network.

Ethereum could maintain this trend well into 2035. At this time, the analyst expects it to reach a “decay to a terminal growth rate” after a 30% annual rise in transaction fees or cash flow until 2025. This calculations are “conservative, the expert said.

Related Reading | TA: Ethereum Gearing For Another Lift-Off, Why ETH Could Test $3,750

In the long term, ETH could see as much as $9,000 or a 219% increase to the upside. McGlone said the following highlighting ETH potential with the upcoming Merge:

Though any delays or bugs in the Merge could have a negative impact, the main risk to revaluation is sub-par aggregate transaction-fee growth. Once the next phase, Sharding, disaggregates the base chain into 64 individual “shards”, dramatically increasing Layer 1 blockspace, gas prices are expected to fall commensurately. Conversely, this will unlock the full potential of Layer 2 rollups, which can process an increasing number of transactions at almost zero cost.

 

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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