After numerous delays, the Ethereum integration finally happened in the early hours of September 15. When Ethereum’s main net reached “terminal total difficulty,” a predefined threshold at which mining ETH became almost impossible, the network automatically switched to the proof-of-stake consensus method, causing the event to occur.
The upgrade is said to enhance the security and scalability of the network, which supports a $60 billion ecosystem of crypto exchanges, loan businesses, non-fungible token (NFT) marketplaces and other apps. This eliminates the network’s reliance on resource-intensive cryptocurrency mining processes, and is expected to have an impact on the more significant blockchain sector.
The transition from POW to POS will result in an 80% decrease in the number of ethers issued per block. There is potential gain for Ethereum investors, according to experts. While some predict that the price of Ethereum will surge to $10,000, others are still pessimistic.
The effect of the merger on the price of Ethereum
After the successful Ethereum integration program, there was a significant price swing. Ethereum price fell below $1500 as the effects of the merger started to show. With the announcement of another Fed rate hike scheduled for next week, the price of Ethereum is expected to fluctuate over the next few days.
The price activity has not changed much since last Tuesday. It was determined that the price action’s demise would result in a $1750 hold, which wasn’t apparent. As a result, the price dropped and the action was seen to record lows around $1400.
Shorts want the price to be limited around $1500, while longs want the price to break above $1,774, which could trigger a bullish acceleration towards $2000.
Collectively, new highs are yet to be reached, but they are anticipated to do so in the following weeks. It is expected that September will be a pivotal month for the market.
Although the merger has had a beneficial effect on Ethereum, experts are skeptical about it. Since the consolidation, the price of Ethereum (ETH) has fluctuated and will continue to do so. Investors are advised to exercise caution while handling their assets with rigorous observation and research.
