After experiencing a negative performance in the latter half of April 2023, Ethereum's price seems to be on the brink of another bullish rally. This is based on on-chain metrics, which suggest that there are some validation points for a high Ethereum price prediction.

The transition of Ethereum 2.0 to the proof-of-stake consensus mechanism (PoS) saw billions of dollars in ETH being reintroduced into the market. This sudden increase in the circulating supply of Ethereum created concerns about an oversupply and led to pessimistic price predictions in both the Ethereum network and the broader crypto markets.

However, it seems that almost a month later, the FUD cloud is beginning to clear, and the outlook for Ethereum is improving. This is because the PoS mechanism is designed to enhance the security, scalability, and sustainability of the Ethereum network. The shift to PoS also facilitates the implementation of new features and upgrades that will make Ethereum more competitive and appealing to developers and investors alike.

Moreover, the ongoing adoption of decentralized finance (DeFi) protocols and the burgeoning popularity of non-fungible tokens (NFTs) are expected to continue to fuel demand for Ethereum. This demand could help drive Ethereum's price higher and potentially lead to another bull run in the near future.

In summary, while there were initial concerns about the impact of the Ethereum 2.0 transition on its price, it seems that the market is beginning to recognize the long-term benefits of the PoS mechanism. With strong on-chain metrics and increasing demand from the DeFi and NFT sectors, the future of Ethereum looks bright.