Ethereum Merge knocking on the door, 30,000 blocks away
- 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
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
