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Following the successful launch of the Ethereum “Merge” on the Kiln Testnet on March 15th, the community is now excited for the upcoming Proof-of-Stake (PoS) shift. The number of internet queries for the phrase “Ethereum merge” is now at an all-time high, according to Google Trends.
Ethereum mood moons
Analyzing Google Trends data is one of the ways traders keep tabs on emerging trends and sector rotations in the cryptoverse.
Lucas Outumuro, the lead researcher at IntotheBlock, pointed out that the search for “Ethereum Merge” has gone through the roof, which is an indication that general interest and optimism about Ethereum (ETH) is building. The keyword received a perfect Google Trends score of 100 – meaning maximum relative interest.
In terms of region, Canada ranks first globally when searching for “Ethereum Merge” on Google, followed by Australia and the United States. The rising interest could in itself trigger a new parabolic bullish phase for Ether thanks to curiosity turning into buy-ins.
2022 is a successful launch year for Ethereum
All eyes are on the upcoming Ethereum protocol update following the completion of the Kiln testnet.
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Ethereum has been known for delays over the years, but for the first time, it feels like the tentative Q2 launch date may actually be hit. It is believed that Proof-of-Stake will make Ethereum more scalable and reduce its energy consumption by 99.95%. This will subsequently attract more institutional investors to the Ethereum ecosystem as all concerns surrounding the energy consumption of mining will finally be addressed.
Enthusiasts believe that the merge event is not yet priced in and could help ETH skyrocket in price once it ships in June. However, the transition to the consensus layer (formerly known as Ethereum 2.0) needs to happen in the same timeframe predicted by the developers, as further delays could cause the market to lose confidence in ETH.
ETHUSD chart from TradingView
All in all, 2022 is expected to be the most critical year yet for Ethereum. ETH is currently changing hands at $3,143 at the time of publication, up 0.87% over 24 hours. Assuming all goes well for the great weapon of smart contracts and the move to PoS goes smoothly, ETH could hit $4000-$5000 by the end of the year, according to Bloomberg strategist Mike McGlone.