Ethereum (ETH) has managed to maintain its upward rally and has surged nearly 40% over the past week, outpacing the better-known coins. One of the main reasons could be that the Ethereum development team is nearing the end of an extremely difficult multi-year upgrade, which tends to boost investor sentiment.
Among the many explanations for ETH’s positive trend, the upcoming Ethereum merger is one of the major factors influencing price action. However, the price of Ethereum has risen from $1,550 to $1,600.
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Merge News Ethereum (ETH) supported
The highly anticipated Ethereum Mainnet “merger” is scheduled for September 19th. During a conference call with Ethereum (ETH) developers, Tim Beiko (lead developer) presented a possible date for the merger of September 19. the date, it can be assumed that the Ethereum 2.0 merger will take place on the mentioned day.
The merger will shift 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 cryptographic proof that allows one party to inform others that a particular part of the computational metric has been spent and can be validated with minimal subsequent attempts.
PoS, on the other hand, is a consensus mechanism that validates block transactions based on the number of coins staked by the validator. ETH’s transformation began in December 2020 with the creation of Beacon Chain, a digital ledger of accounts that drives and coordinates the stakeholder network.
The transition to PoS is expected to help Ethereum become more sustainable and environmentally friendly. The network said on its website that “it will also pave the way for future scalability upgrades not feasible under proof of work, bringing Ethereum closer to achieving 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. Following its ascent above $1,500, Ethereum’s market capitalization again surpassed $190 billion. On Thursday, Ethereum is trading at $1,510.28, having lost 2.60% in the past 24 hours, while trading volume is $23.393 billion. Another reason for the bullish bias of Ethereum (ETH) could be the recovery of the crypto market.
Recently, the crypto market soared nearly 5%, retaking the $1 trillion benchmark. The two major cryptocurrencies in the world, BTC and ETH, continued their gains. Both of these coins confirm the bullish trend of the crypto market.
Tesla sold $936 million worth of Bitcoin
During the European session, Ethereum and Bitcoin seem to be showing a bearish correction despite many positive developments in the digital market. The crypto market failed to sustain its previous upward rally and lost ground. This may be due to recent reports claiming that Tesla has sold 75% of its Bitcoin due to concerns over “global liquidity”. The uncertainty related to the COVID-19 shutdown in China could have been the cause.
This news had little impact on the crypto market so far, but it did manage to cause Bitcoin price to drop 1.7%, ultimately putting pressure on Ethereum’s price on Thursday.
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