- Ethereum price could plummet to $1,825 as selling pressure on the altcoin increases ahead of the merge.
- Developers are committed to upgrade the altcoin’s network to Proof-of-Stake as the final testnet goes public.
- Analysts have predicted a downtrend in Ethereum, fueling a bearish outlook among investors.
Ethereum price could suffer a massive drop in response to rising selling pressure across exchanges. The merge draws closer with the launch of the final testnet.
Ethereum price drop likely with final testnet launch
Ethereum price posted a nearly 2.7% drop over the past week. Proponents believe that the altcoin could suffer from a consistent drop in price as the selling pressure on the altcoin increases.
Developers on the Ethereum network launched the final testnet ahead of the merge. This year, the altcoin network is committed to its plan as the full upgrade draws close.
Marius van der Wijden, a core developer on the Ethereum network, announced that the final testnet is now public.
The testnet allows developers to test features without an impact on the mainnet. Developers add new functionality to the Ethereum network after thorough testing.
The Kiln testnet is the final testnet before the migration from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Once the merge is complete, the Ethereum consensus layer would be 60% complete. The consensus layer would be nearly complete once sharding is fully deployed on the Ethereum testnet, at 80%.
Analysts have evaluated the Ethereum price trend and predicted a bearish outlook on the altcoin.
FXStreet analysts believe that the Ethereum price has confirmed an ideal bearish breakout. Ethereum price moved back inside the pennant as downside pressure on the altcoin increased.
Ethereum price went through a retest over the past week and failed to climb higher. Analysts argue that the Ethereum price chart presents ideal conditions to open a short position in the altcoin.