The Ethereum Merge Will Decide The Fate Of The Ethereum Classic Price- Here's Why

Ethereum's third tesnet has launched successfully, instilling the faith among users, traders, investors and analysts that the September merger will proceed smoothly. This upcoming merger will see miners moving towards Ethereum Classic (ETC) which has raised the ETC demand.

Timeline of Ethereum-classic, Ethereum

The Bitcoin (BTC) analyst who predicted crypto's most recent market crash is reemphasizing an old warning of new lows to come. On August 2, pseudonymous trader warned his 475,000 Twitter followers that BTC would bounce to the $25,000 area before crashing to new lows. “$25,000-$25,500, then new lows.

Amercian entrepreneur Anthony Scaramucci is highly bullish about cryptocurrencies in the long term. In a latest, the chief executive officer of Skybridge Capital spoke about his company's crypto portfolio.

What happened: On Thursday a total of 2,045.64 Ether (CRYPTO: ETH) worth $3,879,941, based on the current value of Ethereum at time of publication ($1,896.69), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

The timetable for the monumental Ethereum (ETH) merge to a proof-of-stake system is moving up by four days, according to Ansgar Dietrichs, a researcher at the Ethereum Foundation. Dietrichs says “The Merge” date is now scheduled for September 15th, rather than the tentative September 19th date thrown out by Ethereum core developer Tim Beiko last month.

With Ethereum (ETH) expected to complete the Merge around Sept 15-16, the price has been increasing at an accelerated rate since July 26. The post Ethereum (ETH) Nearly Hits $2,000 as Merge Date Is Set appeared first on BeInCrypto.

Ethereum Classic (CRYPTO: ETC) was trading flat on Friday after a bullish day during Thursday's 24-hour trading session caused the crypto to soar up 8.32%. The crypto has settled into two visible patterns on the daily chart, with the short-term pattern being an inside bar formation and a cup-and-handle possibly forming as the longer-term pattern.

Ethereum classic was trading close to its highest point since April, as the token rose by nearly 10% on Friday. Despite crypto markets being mostly in the red in today's session, a handful of tokens managed to climb higher.

Ethereum (CRYPTO: ETH) creator Vitalik Buterin has once again taken a dig at NFT project Bored Ape Yacht Club (BAYC) and its community of followers. What Happened: Speaking at the Blockchain Futurist Conference in Toronto, Buterin commented on how the current use cases for private keys on a blockchain had seemingly deviated from their intended purpose.

Ethereum price analysis is bearish today as we have seen a steady reversal around the $1,900 resistance over the last 24 hours. Therefore, ETH/USD will soon begin to retrace and target the $1,800 support next.

The price of Ethereum (ETH) showed so much strength but has been hit with resistance against Tether (USDT) as the Ethereum merge is announced.  Ethereum price rallied with so much strength from a region of $1,670 to $1,924, as bulls anticipate the Ethereum merge from proof-of-work (POW) to proof-of-stake (POS).