Ethereum (ETH) succeeded in maintaining its upward rally and surged by nearly 40% over the past week, surpassing the most well-known coins. One of the primary reasons could be that Ethereum’s development team is nearing the finish of a multiyear, exceedingly challenging upgrade, which tends to boost investor sentiment.
Among the many explanations for the positive trend in ETH, the upcoming Ethereum merger is one of the key factors influencing price changes. However, Ethereum’s price rose from $1,550 and $1,600.
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Merge News Keeping Ethereum (ETH) Supported
The highly anticipated ‘Merge’ of Ethereum Mainnet is scheduled for September 19. Through a conference call with Ethereum (ETH) developers, Tim Beiko (core developer) presented a possible date for the Merge of September 19. Since no other core devs objected to the date, it may be assumed that the Ethereum 2.0 Merge will occur on the mentioned day.
The Merge will transition Ethereum from a proof-of-work (PoW) model to a proof-of-stake (PoS) structure. This will result in the development of Ethereum 2.0, often known as ETH 2.0. PoW is a cryptographic proof that lets one party notify others that a particular portion of computation measure has been expended that can be validated with minimal attempt later.
PoS, on the other hand, is a consensus mechanism that validates block transactions depending on the number of coins staked by the validator. The transformation of ETH began in December 2020 with the creation of Beacon Chain, a digital ledger of accounts that conducts and coordinates the network of stakeholders.
The transition to PoS is widely expected to help Ethereum become more sustainable and environmentally friendly. The network said on its website that “this will also pave the path for subsequent scalability upgrades not achievable under proof-of-work, bringing Ethereum one step closer to reaching the full scale, security, and sustainability envisioned in its Ethereum vision.”
Ethereum (ETH) Price Update
ETH broke through the $1,550 barrier to move further into the green zone. The price broke through the $1,600 barrier before settling significantly above the 100-hourly simple moving average. As a result of its rise above $1,500, Ethereum’s market cap had once again surpassed $190 billion. On Thursday, Ethereum is trading at $1,510.28, having lost 2.60% in the past 24 hours, whereas the trading volume is $23.393 billion. Another reason for the Ethereum (ETH) bullish bias could be the recovering crypto market.
Recently, the crypto market climbed by nearly 5%, taking back the $1 trillion benchmark. The two leading cryptocurrencies in the world, BTC and ETH, continued their gains. Both of these coins are confirming the bullish trend in the crypto market.
Tesla Sold $936M Worth of Bitcoin
During the European session, Ethereum and Bitcoin seem to show bearish correction despite numerous positive developments in the digital market. The crypto market has failed to maintain its previous upward rally and has lost some ground. It’s possibly due to recent reports claiming that Tesla sold 75% of its Bitcoin due to concerns about “overall liquidity.” The COVID-19 closure uncertainty in China could have caused this.
This news has had little impact on the crypto market thus far, yet it managed to cause a 1.7% drop in Bitcoin price, eventually putting pressure on Ethereum price on Thursday.
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Source: https://insidebitcoins.com/news/ethereum-eth-rockets-40-ethereum-2-0-merge-in-play