Ethereum Surpasses $2,000 As The Network Nears The Event Of The Merge

Late on Friday night, Ethereum (ETH) resumed its bull run and recovered the $2,000 barrier for the first time since May, according to data from CoinMarketCap. 

By market capitalization, the No. 2 cryptocurrency was up to $2,014 at the time of writing, up 7% over the previous day and 17% over the previous week. In the last month, it has almost doubled.

More than $152 million in ETH short bets has been liquidated over the past 24 hours, according to data from Coinglass. And 13.2 million ETH has been staked on ETH 2.0, a new all-time high for the metric, according to data from Beaconscan.

What is Ethereum being pumped?

After the testnet mergers on Sepolia and Ropsten were successful, the Goerli testnet completed its switch to a proof-of-stake mining method earlier this week, serving as the penultimate practice run before the mainnet merge, which is now anticipated to take place on September 15 or 16.

A testnet is an Ethereum development version that enables experimentation by developers before to launch.

The mainnet of ETH will switch from a proof-of-work (PoW) mechanism that consumes a lot of energy to a proof-of-stake (PoS) consensus process, which should improve overall network efficiency and use up to 99% less energy.

Although some people don’t think the post-merge Ethereum would look quite as idyllic as some of the network’s core developers have promised, the upgrade is also anticipated to cut Ethereum’s exorbitant transaction prices.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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