Ethereum made an impressive run last weekend, fueled by the news of the transition to ecological proof-of-stake on September 15. The price has gone up 17%, from $1,692 on Tuesday to $2,008 on Saturday.
However, since then, the market has declined sharply, and the coin is trading at around $1,879. Long-term Ethereum fans could consider this an excellent opportunity to buy in. On the other hand, bulls point out that the short pump was just another chance for the whales to dump their stash on the retail.
The newest date for The Merge
One of the core Ethereum developers, Tim Beiko, committed a “Tentative mainnet TTD” post on GitHub on Thursday where he stated that The Merge might happen on September 15. This would be ahead of schedule, as the latest official date for the migration to ETH 2.0 is now set at September 19.
This may change, though, as the date has been postponed many times. Ethereum is a gigantic blockchain with a basis not only for the ETH token but many other projects, including the world’s largest stablecoin and the third cryptocurrency by market capitalization.
That is why the event is so big and will affect the whole crypto ecosystem. This is also why the date can change and be postponed at any time. Make sure you follow the ETH core developers on Twitter and GitHub so that you may react to the news.
Knowing this, we may expect Ethereum mainnet to move to a proof-of-stake consensus as soon as next month. A Bellatrix update will be run on September 6, and it will end the proof-of-work protocol for all users who install it. Ten days later, The Merge should happen.
Last week’s bullish run was also sparked by the final testnet – Goerli – that was successfully performed. This was the previous trial before doing the operation on the mainnet.
New green Ethereum,
The main advantage of the new ETH 2.0 is lower energy consumption. It is estimated that the power needed to perform transactions should drop by around 99.95%. That’s impressive in a world where energy prices are so high and so many users care about their carbon footprint.
The miners, who were the core behind the old proof-of-work system, have yet to decide what they will do. Some of them were encouraged by the Ethereum creator Vitalik Buterin to move to the Ethereum Classic (ETC) blockchain, but others want to create their fork of Ethereum PoW (ETHW).
The Merge is the most critical update in the history of Ethereum. You can find all the latest data on The Merge on the project’s website.
ETH hodlers don’t have to do anything
The Ethereum developers underline that the ETH owners don’t have to do anything when The Merge takes place. No need to install anything. This information is essential, as the ecosystem expects many scams built around the migration.
As for the ETHUSD price, it’s difficult to predict what would happen. The information about the migration to the PoS has already been included in the price, but there are still a lot of uncertainties about how the process will go through technology if the ETHW fork happens and how many users will decide to go there.
These are going to be exciting weeks for Ethereum and the crypto market.
Make sure you trade with SimpleFX over this time.
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