- Ethereum is 30,000 blocks away from its historic Merge, transitioning from proof-of-work to proof-of-stake.
- The Merge will change the way the Ethereum blockchain processes transactions and how new ETH is created.
- Analysts predict a rally to $1,680 over the weekend, before ETH witnesses a correction next week.
The Ethereum blockchain is gearing up for a transition from proof-of-work to proof-of-stake with the Merge. 30,000 blocks or nearly four days away, the Merge is likely to change the way the Ethereum blockchain functions.
Also read: Ethereum Price: Merge pre-game party prompts all-year highs against Bitcoin
Ethereum completes the last shadow fork successfully pre Merge
The Ethereum blockchain is ready to do away with miners and start post-Merge proof-of-stake. The countdown for the Merge continues and the event is 30,000 blocks away. The event is considered one of the most widely anticipated ones in Ethereum’s history and it will change the way new ETH is created.
The first shadow fork was implemented on April 11, since then there have been 12 other successful forks. This signals the readiness of the Ethereum network for migrating to a proof-of-stake (PoS) consensus mechanism.
The testnet allowed Ethereum to practice running nodes, deploying contracts and testing the infrastructure. Therefore successful shadow forks allowed developers on the Ethereum network to gauge the implications of the Merge before it is implemented.
When will the Merge occur on the Ethereum blockchain?
The Merge is scheduled for completion between September 10 and 20, the exact timing of the event remains uncertain. Independent estimates by proponents and analysts point to September 15 as the most likely date.
Leading cryptocurrency exchanges like Coinbase Global and Binance are set to pause Ether deposits and withdrawals during the Merge. Users holding their ETH on these exchanges don’t need to take additional steps for the upgrade.
Analysts predict a rally in Ethereum
RektProof, a pseudonymous crypto analyst and trader shifted his focus onto Ethereum. It is likely that Ethereum will form a re-distribution range around the $1,700 level. The analysts believe the downside targets of $1,650 and lower will be hit in case of a correction on Monday.
Ethereum Perpetual Futures
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up
Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme
Daren Li, a Chinese citizen, pleaded guilty to conspiracy to help launder $73 million stolen in cryptocurrency scams. Li laundered funds using a network of shell companies and international bank accounts.
Cardano bulls show signs of exhaustion
Cardano’s price is falling on Tuesday as it faces rejection around $0.624 and traders engaged in profit-taking following the recent rally. Technical indicators show signs of weakness in upward momentum as the RSI exits from the overbought territory.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.