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In September, Ethereum finally underwent its long-awaited Merge, changing its consensus algorithm from the dated proof-of-work (POW) paradigm to the more reliable proof-of-stake (PoS). The anticipated price increase, nevertheless, never happened. Following the upgrade, Ether has decreased by more than 7 percent. The price of Ethereum remains consolidated between two significant barriers and shows no signs of breaking out.\u00a0<\/p>\n
However, a well-known cryptocurrency trader who is credited with correctly predicting the bottom of the 2018 Bitcoin (BTC) bear market now predicts a significant Ethereum (ETH) price<\/a> turnaround. ETH is currently offering a clear buying opportunity, according to cryptocurrency researcher Smart Contracter, since it consistently respects the 200-week moving average.<\/p>\n The expert said that ETH is currently aiming towards a level of $2,400, which is an increase of 80% from current pricing. Opportunities for long-term purchases have indeed arisen. For the past five weeks, ETH has been based around 200wma. When this weekly higher low resolves and starts moving up again, $2,400 is the next target in his opinion.<\/p>\n The general outlook for altcoins is positive according to Smart Contracter. According to him, the altcoin index on the cryptocurrency market<\/a> FTX has printed a bullish hammer pattern, generating a sizable falling wedge, which is often a bullish pattern.<\/p>\nAre Altcoins ready for a breakout?<\/strong><\/h2>\n