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ETH Price Could Reach $20k, All Eyes on The PoS Update

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ETH Price Could Reach $20k, All Eyes on The PoS Update
  • In the past 15 days, Ethereum has surpassed $3000.
  • The PoS merger may have a significant effect on the ETH price.

Ethereum has risen 126% in three weeks. Founder Vitalik Buterin expects PoS to debut before the end of the year. The PoS network will make the platform 90% more energy efficient than it is today. Thus, the ETH price will shortly reach $20k.

The token issuance factor connected with the update will shortly value Ethereum at $20k. Currently, the asset issues approximately 13,500 ETH each day. It takes 27 million Ether each day to maintain this altcoin’s price over $2000.

Token Issuance May Decrease by 90%

However, after the PoS update is implemented, the token issuance may decrease by 90%. That is, just 1,350 ETH each day could keep the ETH price at $20k. This will maintain the asset’s average price over $20k.

In the past 15 days, Ethereum has surpassed $3000. It recently created a rising wedge pattern. Sellers seem to be outnumbering purchasers in the asset. The second most popular crypto, at $3600, was rejected almost five times in a row.

ETH/USDT: Source: TradingView

Moreover, the candle’s wick seems to have exceeded $3,625. As a result, the asset may consolidate between $3400 and $3600. If this level is not held, the price is anticipated to go back to the original support level of $3100.

As the leading asset, Bitcoin reaches new highs. The Ethereum price rise seems to be more diversified. The PoS merger may have a significant effect on the ETH price, causing it to skyrocket. But the pricing goal for 2021 is still $10,000. A longer rally with network improvements may push the price to the new goal of $20,000.

According to CoinMarketCap, Ethereum price today is $3,598.16 USD with a 24-hour trading volume of $13,261,914,283 USD.

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