Merge has been subject of intense expectation in recent weeks
Ethereum Developers Work on the much-anticipated merge upgrade has confirmed September 15 as a possible official date for the proof-of-stake (PoS) transition. Last week, Ethereum creator Vitalik Buterin said that the upgrade could happen around September 15th, according to an estimated TTD.
This was also confirmed at the developer’s conference call on Thursday. According to Ethereum lead developer Tim Beiko, “At this point, the only thing that could cause the TTD to change would be a massive drop in hashrate once Bellatrix is hit.” “If, for example, we saw that 58750000000000000000000 would be hit several weeks past September 15th, we could coordinate a TTD override.”
A possible date range of September 15 was set at the developersā meeting last week, as reported by U.Today. As reported, in the face of high expectations, the Ethereum team has debunked some common āmisconceptionsā regarding the merge. One such example is the effect of upgrades on gas charges.
According to the Ethereum team, the upcoming Merge update is unlikely to result in lower gas fees, while the Merge remains a change of consensus mechanism, not an expansion of network capacity.
Ethereum may register a 28% correction
Cryptocurrencies experienced a huge sell-off as markets across the globe fell due to rising monetary policy uncertainty.
After repeatedly crossing $2,000 over the previous week, ETH traded at $1,761 at press time, down 11% in the last 24 hours. The Merge has been the subject of intense expectation in recent weeks, sending the second largest cryptocurrency by market capitalization skyward.
If the technical pattern indicated by the rising wedge is confirmed, Ethereum could face a 28% correction towards $1,300 losses. IntoTheBlock The data also indicates that 675,500 addresses had previously purchased 8.91 million ETH for between $1,700 and $1,750. Therefore, Ethereum must stay above this demand zone to stand a chance to recover and avoid a trip to $1,300.
