The Goerli testnet has successfully merged with the proof-of-stake (PoS) network, marking the final step before the transition to the Ethereum mainnet. The successful merge of the last testnet means that the mainnet migration scheduled for September 19th could go ahead as planned.
Goerli is the third and final testnet after Ropsten and Sepolia that makes the final iteration of Ethereum before its official transition to the PoS network.
The Goerli Testnet has activated Proof of Stake
— bankless.eth (@BanklessHQ) August 11, 2022
BREAKING: Testnet Goerli has activated proof of stake. Mainnet™ – bankless.eth (@BanklessHQ) August 11, 2022
The Merge PoS is considered one of the most significant updates to the Ethereum blockchain since its inception, and the bullish sentiment behind the event has begun to reflect in the price of the altcoin. The price of the native Ether (ETH) token has more than doubled in price since the low point at $885 in June 2022.
The price of ETH rose to over $1,919 on Thursday along with the rest of the cryptocurrency market after the government released consumer price index data, which came in below expectations.
ETH outperformed Bitcoin (BTC) in daily gains, posting a double-digit rise. Data from cryptocurrency analytics firm Santiment showed that the price momentum favored traders of whales worth $100,000 or more. The increase in whaling transactions comes amid an accumulation of whales.
ETH has also seen a recent spike in capital inflows into Ethereum-based institutional investment funds. These institutional products attracted $16.3 million from investors in the week ending August 5. Similar bitcoin funds saw $8.5 million worth of capital outflows over the same period, suggesting a growing bullish sentiment among institutional investors.
Also read: 3 Signs Ethereum Price Is On Track To Reach $2,500 By September
Just over a month away from the mainnet Merge, the price of ETH is seeing bullish momentum with major cryptocurrency exchanges putting their weight behind the Merge. This Merge announcement seems to have a strong impact on the market. The price of ETH has risen in anticipation of a successful move and could undergo a substantial correction after the upgrade in September, when traders could start to “sell the news”.