The changeover of the blockchain from proof-of-work, which consumes a lot of energy, to proof-of-stake, which uses less energy, has been anxiously anticipated by the Ethereum community for weeks. Given the recent rise in network activity, the event that was anticipated on September 15 may now potentially happen earlier.
When the entire terminal difficulty of 58750e14 is attained, the event known as fusion is automatically started. The hash rate exceeded the figure predicted in the initial calculation, reaching 892.23 TH/s. This is why Vitalik Buterin, the inventor of Ethereum, stated yesterday that the merger is most likely to occur between September 13 and 15.
“The merge will take place between September 13-15. What’s happening today is the Bellatrix hard fork, which *prepares* the channel for the merge. Still, it’s important that you update your customers! “
New guidelines for the beacon chain will be added by the Bellatrix Hard Fork (consensus layer). The execution layer is then affected by the Parisian hard fork.
The merger will most likely occur as early as September 14 based on the blockchain’s current hash rate.
Technical Price Benchmarks for Ethereum
The price of ETH/USD drops -7.22% to 1546 dollars as a result of the market’s overall bearish trend.
Yesterday’s daily high was $1617, while today’s closing price was $1590, which is below yesterday’s daily high and the 38.2 percent Fibo retracement. The day’s low for today was $1493, but a surge into the 38.2 percent Fibo retracement ensued.
Expect a test of the resistance at the 50% Fibo retracement of $1455 as long as this level is not successfully broken. Lower than that, there would be further possibility for losses around the $1320 level of the 61.8% Fibo retracement.
The likelihood of a rally towards the 23.6% Fibo retracement of $1757 would only rise if one is able to retake the 38.2% Fibo retracement.
