It is only a few days since the upcoming Ethereum merge, and everyone agrees that it will be a major event for the altcoin. A famous developer known as Preston Van Loon has given a very interesting hint regarding this upgrade - He believes that the recent upgrade will send the ETH price soaring.
The upcoming Ethereum merge is not just an important event for the ETH holders. In fact, it has been looked upon by the entire crypto community in anticipation. The merge will transfer Ethereum from PoW towards the PoS mechanism - Experts believe that this will reduce the power consumption of ETH by 99.95%.
With only days before the upcoming merge, the capital inflow has been declining in the ETH. However, this reduced capital inflow is not a big deal at all, as all the famous analysts believe that Ethereum (ETH) will remain bullish.
With the recent upgrade, the true objective of Ethereum to become a global settlement layer will turn true. Another benefit is that it will improve the adoption of ETH among the various market players.
As for the long-term changes, the transaction cost will reduce, and the network security will improve. These 2 changes will make Ethereum (ETH) the go-to choice for developers and even normal users.
On Tuesday, a hard fork of the network dubbed Bellatrix upgrade was implemented. According to experts, this upgrade will make the Ethereum (ETH) ready to move toward the PoS mechanism. Earlier, the PoW mechanism was wasting a lot of energy and was also a major barrier to the global adoption of ETH.
One of the beauties of this PoS mechanism is that it puts something at stake. In other words, it puts the focus on the working mechanism towards working in an honest way. The institutional adoption of ETH is also expected to increase after the merge upgrade.