Ethereum (ETH), the second largest cryptocurrency in the world, has been under selling pressure in the final days before the Merge, following a recent strong surge. At this time, one Ether is worth $1,716, while the entire cryptocurrency market is valued at $208 billion.

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Analysts have speculated that the ETH price may correct from here on out, with the Merge event serving as a “sell the news” event. These experts anticipate that optimism will fade after The Merge, and that global macro conditions will put pressure on prices.

BitMEX CEO and co-founder Arthur Hayes is unwavering in his belief that ETH will reach $3,000 before the end of the year. As discussed in a recent podcast interview, Hayes praised Ethereum’s PoS switch as a big architectural change. If the merger is successful, the flows are guaranteed. He finished by saying,.

Since Hayes has a positive outlook on ETH, he is betting on a price increase before the end of the year.

The Head of BitMEX Said

By the end of the year, I will have spent $3,000 on call options. Even if the FED were to hike rates by 20%, there would still be demand for $Eth to utilise the dApps, and the supply just wouldn’t be able to keep up.

The end of the year is a popular time for trading, therefore we went with a December strike because of the high liquidity levels.

Indexes of Activity on Ethereum’s Main Network

Even the on-chain indicators point to a positive divergence for Ethereum’s price. Data supplier Santiment, which operates on the blockchain, explains:

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The huge #Ethereum merging is now less than two days away, and early on-chain data are promising for the second-largest digital asset by market capitalization. For the first time in 16 months, our NVT model indicates that the ratio of unique $ETH being exchanged to the current market cap of the network is at an all-time high.

Since July 2022-23, ETH, the second largest cryptocurrency in the world, has demonstrated a tremendous climb, much outpacing Bitcoin’s gains. In the years to come, will ETH be able to overtake bitcoin?

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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