Arthur Hayes, one of the important names in the crypto world, continues to share his predictions about crypto assets. Evaluating the developments in a blog post, Hayes conveyed his expectations before the merger with various tweets yesterday, after writing about Ethereum futures contracts last week.
"Failed merger could increase sales pressure"
Hayes says that there is currently selling pressure in the Ethereum price. Stating that the situation causing the pressure at the moment is due to the tendency of traders to take precautions against the possibility of the merger failing, Hayes said:
"The price line is currently moving in a reversal direction. However, this is happening more with spot trading than futures. I think it's because if the merger fails, there's a hedge."
What if the merger is successful?
Hayes, who focused on the possibilities as well as the current situation assessment about Ethereum, said that if the merger is successful, there may be a sharp rise.
“What will happen if the merger is successful and those creating selling pressure close their short positions and open long positions? Much higher spot prices can be seen with the smooth merger expected on September 15. If the merger is successful, the Ethereum price will be much higher by the end of this year. Waiting."
Ethereum Developers Announce Possible Merge Dates
Ethereum developers talked about potential dates for Merge, or Ethereum's transition from proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS) during a conference on Thursday. The dates mentioned during the conference include 15, 16 and 20 September.
An upgrade needs to happen first that will kickstart the entire Merge process. The name of this upgrade is Bellatrix, and it takes about two weeks between this upgrade and the original Merge. It was also mentioned to increase the hashrate, thus reducing the time between Bellatrix and Merge from 14 days to 7 days or 10 days. They said it would take enough time before Merge in case something went wrong with Bellatrix.