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The Ethereum Proof of Stake event is perhaps the most anticipated event of the year. Finally, after several delays, it appears that a date has been determined.
On September 19, the new consensus technique is anticipated to be added to the Ethereum blockchain. Naturally, the first issue is not whether or whether ETH will gain from it, but HOW MUCH ETH will benefit from it.
Ethereum to $2,000?
Developments like The Merge aren't seen very often. Given the present state of the market, this makes the event a possible rally trigger that ETH may employ right now.
The king of altcoins has recently seen tremendous volatility. For the last month, it has been fluctuating around the $1.2k figure. Unable to break beyond that barrier, ETH fell back to trade at $1,197 at the time of writing, after closing at $1,231 the day before.
At press time, the Relative Strength Index (RSI) appeared to be repeating a pattern. As it recovers from the oversold zone, Ethereum has seen an increase in purchasing pressure. As a result, it is presently moving closer to the bullish zone. Although it has yet to enter, there is a good probability it will be able to do so in the coming days.
Furthermore, the previous time ETH moved from the oversold to the overbought zone, it took roughly 65 days. As a result, the price increased by 42.47 percent, bringing ETH to $3,334.
If ETH rose 42.47 percent in the 65 days after it entered the oversold zone, it would close at $1,421 by August.
Needless to say, that doesn't help the cryptocurrency, especially given how much it lost during the June meltdown. It will, however, bring the cryptocurrency closer to the next important threshold of $2,000.
To recapture that price level, ETH must increase by another 67.78 percent from its press time pricing. This brings the whole surge to 101 percent. This is possible since the introduction of PoS will generate a lot of interest in the cryptocurrency.
It will also receive support from the 50-day Simple Moving Average (SMA). It might even do the same for the 100-day SMA. These two support levels are also critical in driving ETH beyond the $2k mark.
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