Morgan Stanley says changing to Proof of Stake might not solve Ethereum's scaling problems. An equity strategist for Morgan Stanley claims Ethereum beacon-mainnet merge will cause demand for graphics processors to plummet in the coming months. The Ethereum platform has been undergoing a parade of testnets preparing for its merge with Beacon Chain. This merge is a move to facilitate the blockchain's transition from operating a Proof of Work model, to Proof of Stake. The PoW consensus model understandably…
Bitcoin Likely to Surge up to $ 8000
The price of BTC/USD is signaling a bullish continuation of over $7500. Therefore, there is a likelihood of the price to keep surging, and the buyers seem to focus on $8000. After the consultation under the hurdle at $ 7200, the bitcoin price surged over some major resistances close to $7300 and $7400 to begin a decisive move to the upside.
Further, the price closed over the hurdle at $7500 and the 100 hourly SMA. It paved the way for additional gains, and the price rallied over $7600.There was a new weekly formation at $7652, and the price is currently consolidating gains.
The first initial support is close to $7540—the occurrence of an additional downside, the immediate stop, maybe close to $7460.
Analysing Current Bitcoin Hourly Chart
Currently, a look at the hourly chart of BTC against USD shows the formation of a short-term breakout pattern with a hurdle close to $7590. The occurrence of a break on the upside over the hurdles at $7590 and $7600 could lead to the resumption of its upward move.
The immediate hurdle is close to $7652, over which the prices may increase towards $7800. Any additional gain is likely to rise to the $8000 hurdle zone, where sellers could get strengthened.