According to a statement issued by cryptocurrency Market Maker Cumberland, the institutional interest in Ethereum is on the rise. It is worth noting that Ethereum co-founder Vitalik Buterin recently confirmed that the ETH blockchain completed 55% of its transition requirements for the PoS merge. Regardless of the Bitcoin price dynamics, it seems that Ethereum has continued to keep increasing in price.
Cumberland’s head of trading, Johan Van Bourg, recently posted a new thread on Twitter where he talked about the recent price movement of Ethereum. He pointed out that irrespective of the slump in the greater cryptocurrency market, the price of Ethereum has continued to climb steadily. At the same time, he also said that the Ethereum price has switched to crypto fundamentals for now after depending on macro-economic pressure for a while.
Ethereum’s Latest Update
Market Maker Cumberland also took note of the latest Ethereum blockchain update called Sepolia testnet. The testnet was able to successfully merge with the PoS consensus model in the first week of July. With the application of the testnet on the mainnet, Ethereum will be able to merge with its beacon blockchain. The merge of Ethereum and Ethereum Classic blockchain is seen as a massive turning point for the universal cryptocurrency ecosystem.
As per Bourg, with the merged Ethereum blockchain the developers can focus their attention on expanding its scalability and introducing sharding. Sharding is a project that plans to reduce Ethereum power consumption by more than 99.95%. EIP engineer Tim Beiko has predicted that the Ethereum merge will be possible as soon as September this year.
According to the cryptocurrency price aggregator, IntoTheBlock the price of ETH has been increasing following the latest updates. At press time, ETH is trading for $1600, which is a visible improvement from $1050 during that last week. Furthermore, the Ethereum whales have also accelerated their ETH accumulation speed.
During the last 30 days, ETH prices increased by 50%, which has also left behind Bitcoin in terms of price recovery, as per CryptoCompare data. The cryptocurrency analysis report compiled by 53 fintech analysts at Finder has issued a bullish prediction for ETH, claiming that the token will be able to reach around the $1711 target before 2023. The report also suggests that ETH has the potential to get a $5739 valuation by 2025 and reach $14,412 by 2030.