Ethereum is up almost 50% in 6 days and there are several reasons why this could be the case, so let’s find out today in our Latest Ethereum news.
Ethereum is seeing a huge rally over the past six days, with the price rising 50% over a one-week period. ETH has strongly outperformed BTC and it is up 25% against it over the same period, as can be seen in the charts. The move came a month after the cryptocurrency was trading in a fairly tight range that broke higher and the phantom ninth fork also came online, putting some of the final steps towards migrating to a PoS network.
It was also designed to test updates made in the Sepolia hard fork that happened in July. It will focus on a function of increasing the maximum extractable value which refers to the maximum value that can be extracted from block production beyond a standard gas royalty and block reward. Right now, since the network operates on a PoW model, miners mine MEV but once the merge is done, it will be the validators who can mine the maximum value. Another big update the community received was the planned release of Ethereum 2.0 as a long-awaited event that the industry was looking forward to.
ETH developer and Beacon string The community health consultant noted that the merger is expected to take place on September 19e but a flexible schedule is not yet final. The timeline for the merger isn’t definitive, but it’s exciting to see it happen nonetheless.
As previously reported, the price of ETH has exploded over the past few days and hit an intraday high of $1420, which comes a day after the developers confirmed that the merger was about to happen in september. According to data from Coinglass, the last hour saw $150 million in ETH positions liquidated and the largest single liquidation order occurred on the FTX exchange while carrying a face value of $2.81 million while that Ethereum records a monthly high. The majority of positions liquidated were short. This happened on the back of ETH which exploded 7% in an hourly candle and hit a new high of $1422 on Binance.
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