While analysts say that anticipation around the merge has helped pump up the price, some experts see the real upside coming after the merge takes place.
watch nowJuicing institutional interestWith the upgrade, ethereum won't become faster, cheaper or more scalable.
Research firm Fundstrat wrote in a note that a successful merge would cement ethereum as the "premier blockchain network."
The bitcoin network experiences a similar type of supply reduction roughly every four years.
WATCH: Bitcoin falls below $19,000 as Ethereum upgrade kicks into full gear