A widely followed crypto analyst is revealing what he thinks will come next for top smart contract platform Ethereum (ETH) after its highly-anticipated merge to proof-of-stake.
In a new video update, the pseudonymous host of Coin Bureau known as Guy tells his 2.08 million subscribers that Ethereum’s upgrade should come by the end of the year and spark fresh ETH rallies.
“I think we are pretty likely to see an ETH merge this year, that’s based on the fact that the devs are comfortable enough to put it in the diary for September, even assuming there were one or two bugs and it was pushed back again, there are still three months as a buffer for the remainder of the year.
When the merge does finally occur, we’re likely to see a rally in the price of ETH.”
Guy goes on to say that ETH’s price may recoil in the short-term after its rally as investors decide to sell the news in order to focus on the next two upgrades.
“There may be a short-term retracement though as people sell the news on the event they’ll be focusing their attention on. The next upgrade, which will allow the staked ETH to be withdrawn and the upgrade after that, which will bring sharding to the network.”
Guy says he remains long-term bullish on ETH as he believes the decentralized finance (DeFi) sector, which Ethereum dominates, has “transformative” power.
“I am holding ETH for the long term, I’m bullish on the technology and the transformative power of DeFi. The recent collapse of all those CeFi (centralized finance) crypto firms further reinforces that belief. It’s that perspective that allows me to huddle for the long term.”
Recently, ETH developer Tim Beiko said the merger was planned for September 19th.
Ethereum is changing hands for $1,578 at time of writing, a 4.4% gain on the day.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/k_yu/monkographic