The Ethereum (CRYPTO: ETH) The price is down 6% in the last 24 hours.
Midway through the second day of June, the world’s No. 2 token by market cap is trading at US$1,827 (AU$2,555).
This brings down the price of Ethereum by 8% since the start of the new month.
After a 27% loss in May, crypto investors are hoping for a turnaround in June.
To get a glimpse of what investors could expect from crypto in the coming month, we reached out to two industry experts.
A big change is coming
Jonathon Miller, Kraken’s Managing Director for Australia, told us: “While price movements are important, it’s important to focus on the innovation that’s happening in the space during these times and it’s all quite clear that there is still a lot going on and many more to come.”
On this front, he states that:
Ethereum is about to undergo a big change in the near future that will see it move from proof-of-work to a proof-of-stake protocol. This is a very complex transformation and likely to have an impact on the entire ecosystem, bringing with it new opportunities and new risks.
Although it is impossible to predict how this will affect the price of Ethereum, we should not underestimate the impact of this change. This is something that many people will follow very closely.
Moving to proof-of-stake will reduce costs and significantly reduce power consumption, as fewer computers will be involved in the new protocol.
June 8 could see a big move in Ethereum price
Simon Peters, market analyst at multi-asset trading platform eToro, agrees that one of the biggest factors at play for Ethereum is the upcoming merger, as the move to proof-of-stake is known.
He said this has been “a priority for many in the crypto community over the past few weeks.”
Ethereum’s current proof-of-work blockchain will merge with the new proof-of-stake Beacon chain. This will mark the end of proof of work for Ethereum and the full transition to proof of stake.
The Ethereum price will be one to watch next week, June 8th.
“The merge is scheduled for August, but before it happens on the mainnet, a merge will be tested on public testnets. The Ropsten testnet merger is scheduled for June 8,” Peters told us.
But the merger is likely to create both headwinds and tailwinds for Ethereum price.
According to Peters:
Once the merge is complete on the mainnet, this will effectively unlock the ETH that has currently been staked (and the staking rewards earned so far for validating new blocks on the POS beacon chain), so we could see some selling pressure on ETH trading pairs on crypto exchanges.
At the same time, if annual staking reward returns increase post-merger, this could encourage ETH buying and, in turn, potentially drive Ethereum prices higher.
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Can Ethereum Price Redeem In June? Crypto Experts Weigh In
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