Legendary trader Peter Brandt commented on the Merge upgrade of the leading altcoin Ethereum (ETH). According to the trader, the announcement of the recent difficulty delay could push the Ethereum (ETH) price further down to predicted levels. Following the news of the Ethereum (ETH) “Difficulty Bomb” delay, the value of the world’s second-largest cryptocurrency plunged further.
Merge update on Ethereum (ETH) delayed: Peter Brandt commented
As we have also reported on Cryptokoin.com , the price of Ethereum is, It has slumped as low as $1,662 in the last 24 hours after news emerged that blockchain developers will delay the implementation of the code to a later date. Yesterday, the developers of the world’s second largest cryptocurrency by market capitalization decided that Ethereum’s difficulty bomb code implementation will be delayed to fix some bugs discovered when the Merge upgrade was run on the Ropsten testnet network.
Difficulty bomb code execution, as developers prepare for the transition from Ethereum’s proof-of-stake (PoW) algorithm to proof-of-stake (PoS) It’s part of an effort to make ETH mining harder with the goal of gradually removing crypto miners from the Blockchain.
Ethereum (ETH) current price in line with bearish forecasts
Meanwhile, experienced futures trading earlier this week following news of Ethereum’s market cap plunge, difficulty bomb lagging It seemed to match the bearish forecasts of trader Peter Brandt. Brandt predicted that Ethereum will likely go to $1,200 in the coming days or weeks and set its target at $1,268. The chart shared by Brandt depicts a descending triangle of the cryptocurrency in the $1,200 range. For Brandt, Ethereum investors can prepare for a drop in price as long as there is no change in Ethereum Merge.
Recent developments on Ethereum’s PoS and PoW transition
While many investors were waiting for positive news from the cryptocurrency, the challenge yesterday was that the implementation of the bomb code will be delayed, thereby lowering the price of ETH. were informed about. It is worth noting that the ETH difficulty bomb is an integral part of Ethereum’s long-awaited 2.0 upgrade. Once the code is implemented, the launch of Merge, a combination of PoW and PoS chains, will be imminent.
Ethereum co-founder Vitalik Buterin delayed the difficulty bomb by announcing last month that the Merge upgrade will be released in August. He suggested that the launch of Merge will be postponed to a later date. Meanwhile, Ethereum developers have assured their community that the delay of the difficulty bomb will have no effect on Merge’s timing. Commenting on the development, Ethereum’s developer coordinator Tim Beiko shared his concerns about trying to seriously launch the Merge upgrade without delaying the difficulty bomb for any longer.
