These days, all the eyes are geared on the Ethereum price movements, as the second largest crypto by market capitalization is all set to undergo a significant upgrade.
Within two days, the crypto space will witness a transition of ETH from a Proof-of-Work to a Proof-of-Stake consensus mechanism. Post this Merge; there will no longer be two distinct Ethereum networks.
Eth1 will be known as the “execution layer,” where smart contracts and network rules reside. At the same time, Eth2 will be referred to as the “consensus layer,” ensuring that devices contributing to the network act according to its rules.
To take the maximum out of this transition, Ethereum clients and developers prepare for the successful implementation of the Paris upgrade and the Merge. Over 85% of Ethereum clients are ready for Ethereum Mainnet (execution layer) to combine with the Beacon Chain (consensus layer).
ETH Price Remains Volatile as Merge Nears
Ethereum’s price settled above the $1,750 pivot level in the last 24 hours. It is currently facing bearish signs with major resistance at $ 1,775, above which the price may perhaps gain bullish momentum. If the price action intensifies, ETH might rise above $1,880.
However, on the flip side, the initial support is now near the $1,700 level. The next significant support is $1,680 and $1,650.
According to the 7 days price analysis, Ethereum (ETH) price has jumped nearly 15% as support for PoS transition continues to grow. Data also suggest that ETH price shall be deflationary, but not immediately.
In the meantime, as reported by Glassnode, the number of mid-sized and large-sized investors in Ethereum is rising. The number of addresses that hold more than 100 ETH and more than 10,000 ETH has reached an 18-month high and 4-month high, respectively.
Ethereum Clients Remain Merge Ready
The Merge is estimated to happen on September 14 at 23:36, per the Ethereum Foundation’s Merge tracker.
The network’s hash rate has also declined to 875 TH/s, with only less than 17,000 blocks left for mining. Ethereum Foundation has announced the shutdown of the Kiln testnet after the Merge.
In addition, Ropsten and Rinkeby testnets will also be shut down in Q4 2022 and Q3 2023, respectively. All developers are required to migrate to Goerli or Sepolia testnets.
As per data by OKLink’s Merge Countdown, the Ethereum Merge readiness is now 99.66% complete, as ETH clients remain highly optimistic about this transition.
Nearly 85% of clients are now ready for the Merge. Notably, 83% Go-Ethereum (geth), 91% Erigon, 99% Besu, and 92% Nethermind execution layer clients’ nodes are ready, says Ethernodes,
All network nodes must upgrade with fixed and improved client releases before the Paris upgrade. Interestingly, geth is the most used Ethereum client, 1143 nodes are ready, and 237 are still pending.
Furthermore, Binance has extended the support to ETH holders on BNB Chain for ETH PoW airdrop. ETH holders can leverage their fair share of the airdrop without bridging their ETH tokens to the Ethereum mainnet. The only criterion is that ETH holders must hold at least 0.1 ETH in their wallet address on BNB Chain.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)