Ethereum ($ETH) whales have started accumulating more of the cryptocurrency as its price rose over 50% over the past week, partly thanks to a projection for the date in which the blockchain will undergo the Merge.<\/p>\n
The Ethereum Merge describes the network\u2019s current mainnet merging with the Beacon Chain\u2019s Proof-of-Stake system, setting the stage for future scaling upgrades, including sharding. The move is expected to reduce Ethereum\u2019s energy consumption by 99.95%.<\/p>\n
Tim Beiko, an Ethereum protocol support engineer at the Ethereum Foundation, made the September projection at a\u00a0PoS Implementers Call. Beiko has noted that the Merge timeline is very likely to change over time.<\/p>\n
The Merge is not expected to reduce Ethereum\u2019s transaction fees, but will have a significant immediate impact on energy use while opening the door for upgrades that will reduce transaction fees.<\/p>\n
According to on-chain analytics firm IntoTheBlock, as Ethereum\u2019s price moved up from around $1,050 to over $1,500 at the time of writing, ETH whales picked up their accumulation pace, to now hold over 22.4% of the cryptocurrency\u2019s circulating supply.<\/p>\n
Notably, Ethereum moving to $1,500 was in line with a prediction made by veteran cryptocurrency trader and market analyst Micha\u00ebl van de Poppe, who predicted earlier this month Ethereum could see a \u201csignificant run\u201d if it broke through its resistance at $1,140.<\/p>\n
Meanwhile, a panel of 53 fintech experts at Finder revealed bullish price predictions for the future of the cryptocurrency, putting a $1,711 price target for the end of the year on average, and predicting a rise to $5,739 by the end of 2025. By the end of 2030, the experts predicted Ethereum could rise as high as $14,412.<\/p>\n
Ethereum\u2019s price rise came amid a wider cryptocurrency market recovery that came after a recent sell-off that, according to Coinbase Research, was \u201calmost exclusively\u201d carried out by short-term holders.<\/p>\n