Ethereum has been the subject of several articles, blog posts, and tweets over the last few weeks since the announcement of the Bellatrix merge date. The network’s native cryptocurrency price has also been a major topic of discussion.
Ethereum Price Analysis
ETH has been trading inside a range for a while now. The cryptocurrency’s price has been oscillating since August 31, between $1,605 and $1,488 levels, specified by the 20-P moving average.
If the bulls manage to push the cryptocurrency’s price above the $1,500 mark. A price increase to the overhead of $1,700 resistance is possible.
The resistance around the $1,700 level is important because a break above it would signal that the bulls are back in control. The pair could experience a small pullback and hit the $2,030 level.
On the other hand, however, the prices may break below the $1,422 level and trade even lower to the $1,280 level.
The bulls are expected to defend this level and push the price into a bounce. But if the bears manage to overpower them again, ETH goes straight to the $1k level.
Polygon Backs The Merge
The entire cryptocurrency market just might benefit from the upcoming ETH merge.
It is no secret that Ethereum, running on the Proof-of-Work (POW) mechanism, uses much carbon-expensive power. This has been the major problem with most other cryptocurrencies running on Proof-of-Work Mechanisms.
Carbon-expensive technologies like these are environmentally hazardous and have faced heavy restrictions/regulations from governments in the last decade.
The upcoming Ethereum merge aims to serve as a solution for the network to move from its current Proof-of-Work Mechanism to Proof-of-Stake.
According to the team at Polygon network, the upcoming merge is estimated to reduce the current carbon footprint of the Ethereum network by an unbelievable 99%.
According to the Crypto Carbon Ratings Institute(CCRI), it has been shown that 99.2% of carbon emissions by the Polygon chain come from its operations on the Ethereum foundation layer.
Polygon has been reducing its carbon emissions for a while now. According to CCRI, Polygon’s yearly emissions were around 60,953 metric tonnes of carbon dioxide until July 2022,
The entire process of the Ethereum merge started on Tuesday morning when the core engineers activated the Bellatrix update – the last software upgrade before the merge commences.
This merge aims to combine the current Ethereum network with the beacon chain, allowing the upgraded network to transition from a Proof-of-Work algorithm to a Proof-of-Stake.
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)