ETH can go to five-figure value
The Ethereum main net is predicted to “merge” with the beacon chain proof-of-stake system, thus ending proof-of-work for the ETH blockchain.
Mainnet will bring the ability to run crypto contracts into the proof-of-stake system, and the full history and the current state of Ethereum, to make sure that the transition is easy for all ETH users and holders.
Few days ago, The Ethereum Foundation announced that the “merge” has been well conducted on the Kiln testnet. The event occurred on 15 March, with Ethereum’s developers lauding the landmark occasion. The beacon chain has merged with the Kiln testnet, within the event.
The Kiln testnet is the final public test net before the transition to proof-of-stake, which should take place this year. This is a high point for the Ethereum network as it prepares to go through with some of its biggest changes since its establishment.
An official Ethereum Foundation told that, Node operators, application & tooling developers, infrastructure providers and even stakers are encouraged to test on Kiln to ensure a effortless transition on existing public testnets.
What could change for ETH after the merge?
Brian Krogsgard, Co-Founder, CMO said that “The probability of ETH net deflationary consistently is quite high post the merge,” during an appearance on a podcast. He also added that, ETH also has the potential to go five-figure asset post the merge.
He also claimed that the merge will likely be positioned in a bear market. By this he meant, that the market may not take to the merge immediately.
Bear market or Super-cycle?
Looking at the current chart, the market may be equipping up for some potentially difficult coming weeks. ETH lost 90-95%, EOS lost 99%, And BTC was down 85-90% in 2018-19.
In case the future copies the bear cycle of 2018, we may see peak to troughs from all-time highs like 85% to the all time minimum.
However, this is not the only path that the market can take. With exchange outflows hitting a new high recently and other metrics leaning bullish, ETH can take north direction.
Bitcoin mining is now profitable, and taking part in the ecosystem. According to the exec,
“The last time Bitcoin miners have to shut down Bitcoin mining because it was more costly than the Bitcoin they got as reward.”