HomeEthereumEthereum: Date of the merger changed? $6.6 billion is at risk.

Ethereum: Date of the merger changed? $6.6 billion is at risk.

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Yesterday’s third and final Ether test merge changed the Goerli testnet’s proof-of-work (PoW) model to one that rewards stake (PoS). One of the last checkpoints before the mainnet merging was this.

The Bellatrix Beacon Chain update is anticipated to be the next significant development on September 6. Then, all prerequisites for the Ethereum will be fulfilled.

Everything is now going so smoothly that it appears the merger may occur earlier than the originally planned date of September 19.

The kernel development team stated that the major event may now take place on September 15 due to the advancements made thus far.

The fact that Ethereum miners will have to shut down a few days sooner than anticipated should not make them happy.

On the other side, the end of the Ethereum mining era is fantastic news for gamers, as the need for potent graphics cards for mining has been dropping globally for months now. This also results in a price decrease, allowing many gamers to finally upgrade their outdated technology without having to shell out a four-figure sum.

Etherscan reports that more and more investors are getting ready to purchase Ethereum. The ETH 2.0 deposit contract has since received a transfer of 13.29 million Ether for a total of 25 billion dollars.

At the same time, market players’ interest is increasing, according to Glasnode:

“For the first time in history, open interest for ETH options ($6.6 billion) exceeded open interest for BTC ($4.8 billion). This appears to be related to traders betting on the merger scheduled for mid-September with call options”.

ETH technical indicators

With a second daily close above this price, Ethereum demonstrated that it had broken beyond the 78.6% Fibo retracement of $1772. Therefore, the possibility of testing the psychological ceiling of $2,000 and the point at which the bearish wave began, $2015, both remain open.

The August 10 low at $1657 and the 61 Fibo retracement, which is 8% lower at $1582, will come into focus if momentum stalls and the daily closing price breaks below the 78.6% Fibo retracement.

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