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Ethereum (ETH) Price Rallies in Anticipation of Upcoming Merge


Ethereum (ETH) Price Rallies in Anticipation of Upcoming Merge
  • A record-breaking 13.2 million ETH have been staked on Ethereum 2.0.
  • The price of Ethereum Classic (ETC) achieved a four-month high of $42.29.

The price of Ethereum (ETH) has been on an upward trend since early June, and it crossed the $2,000 threshold on Friday night, according to statistics from CMC, marking the first time it has done so since May.  In only a month, its value has increased by approximately 100%.

According to statistics provided by Coinglass, nearly $152 million in Ethereum short bets had been closed recently on the previous day. Beaconscan data also shows that a record-breaking 13.2 million ETH have been staked on Ethereum 2.0.

After successful testnet mergers on Sepolia and Ropsten, the mainnet merging is now planned for September 15 or 16. This week, the Goerli testnet completed its shift to a proof-of-stake mining method, serving as the final practice run.

Scalability and Efficiency

As a pre-launch testing environment, testnets provide developers with a sandbox to try out new features and functionality in Ethereum. By switching from the energy-intensive PoW mechanism to the less resource-intensive PoS consensus method, the Ethereum mainnet should improve network efficiency and cut energy usage by as much as 99%.

Even while the update is meant to reduce Ethereum’s exorbitant transaction fees, not everyone is convinced that the future of the network will be as rosy as has been painted by some of the core developers.

The price of Ethereum Classic (ETC) achieved a four-month high of $42.29 a few days back, a rise of 15% in 24 hours, as investors prepared for the Ethereum merging next month. According to CMC, the Ethereum price today is $1,905.01 USD with a 24-hour trading volume of $19,519,005,029 USD. Ethereum is down 4.81% in the last 24 hours.

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