Today, June 9, the Ethereum (ETH) price has found a calmness. It’s all due to successful implementation of the merge on one of its former testnets.
Ethereum has risen slightly in the past 24 hours to retake the $1800 mark. This comes just after a few days of dramatic $2000 rejection.
The proof-of-stake (PoS) has successfully merged on its oldest testnet, Ropsten. Hence, there is slight recovery in the Ethereum price.
Many Ethereum engineers and validators have verified the installation. Now they keep an eye on the process to make sure the onboarding goes smoothly.
PoS Deployed On Ropsten Testnet
Although the testnet merging is now in the initial phase, a successful deployment might indicate a faster mainnet merge. Two more testnets before the final merge. Vitalik Buterin, the project’s founder, stated that the wider transition to PoS might occur as soon as August.
However, this schedule is dependent on the proper functioning of all testnets.
According to available stats, trader interest in the merger is high, with a total of $25 billion invested on Ethereum 2.0 as of last week.
Because the switch to PoS would allow the token to be more accessible, Ethereum prices are expected to increase significantly. The move could potentially revive institutional interest in the coin.
Concerns Rise Over Merge
As the merger is eagerly awaited, numerous traders have raised concerns about whether it would result in a major upgrade.
After the merger, Ethereum’s price mechanics could change drastically, putting additional pressure on buyers to maintain prices. This is all due to the lack of mining rewards at outlets. It currently accounts for a significant portion of Ethereum’s demand.
People are worried regarding the merger’s stability, following the Beacon chain’s massive problems last month. Critics also claim that PoS is less secure than proof of work approaches.
