Ethereum (ETH) Price Rally Depends On These Macro Conditions!

The Ethereum (ETH) price has ramped up significantly and increased by more than 5% since the early trading hours as the Ethereum Merge inches closer. However, it wasn't able to keep up the momentum for long, as the price was dragged by bearish pressure from the daily highs near $1637 to its starting point.

Timeline of Ethereum

Ethereum's protocol support team has shared the latest roadmap for the long-awaited mainnet merge to the proof-of-stake beacon chain. Although the terminal total difficulty (TTD) and the estimated date for the merge haven't been changed, the team said the event would be different from previous updates to the Ethereum blockchain.

The Ethereum Merge has officially started with the ETH 2.0 client releasing Bellatrix and the Mainnet Update. The Ethereum 2.0 client Teku released a required update v22.8.1 for all Mainnet users in order to prepare them for the Merge. Essentially, the update contains the Bellatrix upgrade and Merge transition configuration.

The Ethereum Merge is all set to take place on September 15 as the Ethereum execution layer and consensus layer clients have rolled out the required updates. Two execution layer clients Go Ethereum and Nethermind found bugs in their Mainnet updates.

Ethereum Merger is the most awaited event in the crypto space and hence with the announcement of the release date, the ETH price spiked high. Recently, the final testnet before the mainnet release, Goerli went live without major technical flaws.

Japan's BitFlyer will pay close attention to any Ethereum Proof of Work hard fork, as the Merge date for the Ethereum network is closer than ever. The ETH network will move from proof-of-work (PoW) to proof-of-stake (PoS), and Japan's BitFlyer has said that forked tokens that rely on PoW may be supported.

Ethereum revenue is a key metric that reflects activity on the network. How did it perform in Q2 2022 and what will happen after the full transition to PoS? The post How the Ethereum Upgrade Impacted Revenue appeared first on Bitcoin Market Journal.

The Ethereum Foundation has on Wednesday confirmed the schedule for the upcoming transition to proof of stake consensus. The Foundation said the Bellatrix upgrade is scheduled for on September 6, as announced earlier.

Preparation for the final launch of the long-awaited Ethereum upgrade, the Merge, is getting on the higher side. For the past few months, the entire Ethereum ecosystem has been thrown into a state of activeness.

With a price dip of over 12%, Ethereum remained the worst-performing digital currency among the top 10 in the last seven days. However, Glassnode's recent data indicates that the total number of ETH addresses with non-zero balances reached 85.367 million on Wednesday, the highest level on record.

Ethereum will soon transition to a more energy-efficient system for processing transactions, but prominent crypto personalities are hell-bent on keeping the proof-of-work version of the chain alive. Why?