The Ether (ETH) price increase from mid-July to mid-August may have peaked. Ethereum’s technical upgrade will convert it into a Proof-of-Stake (PoS) network and future blockchain upgrades, according to a note published by Bank of America on Friday. It will help investors better comprehend the ramifications of the Merge. Additionally, the investment bank anticipates that unless Ethereum overcomes its current challenges, other blockchains like Binance Smart Chain, Tron, Avalanche, and Solana will acquire market share. Ether Impends To Switch Proof-of-Stake In a note to clients, BofA analyst Alkesh Shah stated that “investors likely realized that Ethereum’s seemingly impending switch to Proof-of-Stake (PoS) will neither address scalability problems nor high transaction costs.” The native currency of Ethereum, Ether (ETH), has seen a short-term price increase, possibly due to the Merge. However, traders have noted that the asset’s long-term outlook is still gloomy due to a dire macroeconomic outlook and technical indicators for bitcoin that indicate a decline. Ethereum Merge Investors “presumably realized that Ethereum’s supposedly forthcoming migration to Proof-of-Stake (PoS) will neither address scalability difficulties or high transaction fees,” according to BofA analyst Alkesh Shah in a note to clients. The Merge may have temporarily increased the price of Ether (ETH), the native currency of Ethereum. Still, traders have obser...
