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In our last job On this subject, we asked our listeners if they would be long Ethereum given that CNBC's Jim Cramer – a true alpha-generating oracle provided he reverses his recommendations – had just turned bearish. Well, if you had followed through all the way, you would now be up over 40%!
As a reminder, Cramer had set a target of $3,000 on Ethereum in June, coinciding almost perfectly with the contagion in the decentralized finance (DeFi) space sparked by the collapse of Terra's stablecoin. This led to a collapse in Ethereum's price below the psychologically important $1,000 level. Then, on 05th By July, as Ethereum prepared to undergo a major test in preparation for the upcoming merger event, Cramer had turned bearish on the entire crypto sector, including Ethereum.
“Crypto really seems to be imploding. It went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There's no real value there,” declared @jimcramer on #crypto. “What a horrible asset. You were sold NFTs. Invented.” pic.twitter.com/09e5ST8q0N
– Squawk Box (@SquawkCNBC) July 5, 2022
Well, since 05th As of July, Ethereum is up 41.88 percent or $451. The chart below illustrates this nascent rally.
![Ethereum](https://cdn.wccftech.com/wp-content/uploads/2022/07/Ethereum-Chart.png)
As we previously noted, the Ethereum mainnet is now expected to become a shard of the Beacon Chain as part of the Ethereum 2.0 overhaul, completing the cryptocurrency's transition to a Proof transaction authentication mechanism -of-Stake (PoS), which would significantly reduce the energy footprint of the cryptocurrency and attract additional capital from ESG-related inflows. This “merger” event is currently planned for the third quarter of 2022.
![Ethereum merger](https://cdn.wccftech.com/wp-content/uploads/2022/07/Ethereum-Merge.png)
As part of this process, Ethereum continues to undergo significant testing. For example, in early July, the cryptocurrency performed its penultimate test merger, dubbed Sepolia.
Thanks to everyone who watched the Sepolia Fusion livestream!!
The transition to the Sepolia merger was successful (and the channel is finalized!), now it's time to follow up in the coming days.
Then we merge Goerli…
…then the main network
The Fusion is coming 🐼
— sassal.eth/acc 🦇🔊 (@sassal0x) July 6, 2022
This milestone was accompanied by minor hiccups, as between 25-30% of validators were forced to go offline after the test merge due to “bad configurations.” However, the problem was quickly resolved. Ethereum's latest test merger, dubbed Goerli, is expected to take place in the coming weeks. Following this test, Ethereum will officially move to a PoS authentication mechanism by October 2022.
In our last article, we noted the risks associated with a bearish trend on Ethereum just before the highly anticipated merger event, as was the case with Cramer's bearish call. Nonetheless, readers should note that the entire cryptocurrency industry is not out of the woods, and a final capitulation has not yet occurred. Ethereum, however, should continue to benefit from the hype of merger events in the meantime.
Correction: He actually last called on March 6, 2020.
The end of the day was also red, closing down 2%.
Ten days later, the market completely collapsed due to covid. https://t.co/fnsl1hfWwY
– unusual_whales (@unusual_whales) July 18, 2022
Furthermore, Cramer rang the opening bell of the New York Stock Exchange yesterday. As expected, the market ended the day in the red, hammered by Apple's decision to slow down hiring.