Following the successful launch of the Ethereum “Merge” on the Kiln testnet on March 15, the community is now anticipating the imminent transition to proof-of-stake (PoS). According to Google Trends, the number of internet searches for the phrase “Ethereum Merge” has reached an all-time high.
The hype around ETH
One way traders keep an eye on emerging trends and sector rotations in the cryptoverse is to analyze Google Trends data.
According to Lucas Outumuro, the head of research at IntotheBlock, searches for “Ethereum Merge” have skyrocketed, indicating that general interest and optimism in ethereum (ETH) is growing. The keyword received a perfect Google Trends score of 100, indicating the greatest relative interest.
In terms of region, Canada is the most popular country in the world for Google searches for “Ethereum Merge,” followed by Australia and the United States. Because of the spike in attention, it is possible that Ether may enter a new parabolic bullish phase as a result of the curiosity translating into buy-ins.
2022 – Critical time for Ethereum
Ethereum has a reputation for being notoriously late, but for the first time, it appears that the tentative Q2 launch date will be met. Proof-of-stake is expected to make Ethereum more scalable and reduce its energy consumption by 99.95%. As a result, more institutional investors will flock to the Ethereum ecosystem, as all concerns about mining’s energy consumption will be put to rest.
Enthusiasts believe that the Merge event has not yet been priced in and that it will help ETH explode in price once it is shipped in June. However, the transition to the consensus layer (previously known as Ethereum 2.0) must take place within the timeframe predicted by developers, or else the market will lose faith in ETH.
Overall, 2022 is expected to be Ethereum’s most critical year to date. As of publication time, ETH was trading at $3,143, up 0.87 percent in 24 hours. According to Bloomberg strategist Mike McGlone, ETH could reach $4000-$5000 by the end of the year if the smart contracts big gun goes well and the switch to PoS goes smoothly.