From a Google trends spike to depleting supply, multiple catalysts have been hinting at more upside for Ethereum.
Three market catalysts suggest that Ethereum's native token Ether (ETH) is well-positioned to reach $4,000 this month.Google searches for "Ethereum merge" spike Internet users' interest in Ethereum's upcoming network upgrade, dubbed "the Merge," surged substantially in the week ending April 2, Google Trends' data shows.Searches for the keyword "Ethereum Merge" reached a perfect Google Trends score of 100 on a 12-month timeframe with most traffic coming from the US, Singapore, Canada, and Australia.Internet trend score for the keyword 'Ethereum Merge.' Source: Google TrendsMerge, also called ETH 2.0, refers to the Ethereum network's full transition to Proof-of-Stake (PoS) from Proof-of-Work (PoW), a development that had been touted as one of the major catalysts behind Ether's rebound rally in recent weeks — from nearly $2,500 on March 14 to over $3,500 this week.The bullish outlook stems from Merge's proposal to reduce Ether's issuance rate, leading to a possible supply peak in the total number of ETH in circulation.