Ethereum (ETH) went through a 53% growth between July 13 and July 19. How to explain this rebound? What to expect soon? Explanations.
Back to green for Ethereum
The price of Ethereum is jump 53% In a week. Although it was nearing the end of a compression triangle at the beginning of last week, the outcome could not have been more favorable. Ethereum has, in fact, finally managed to close, three dailyabove the $1300 level this Saturday.
Since July 13, the price of Ethereum has started to rally in the green. While it was trading at $1027 at the time, ETH is trading today, at the time of writing, at $1556.
Ethereum again outperformed Bitcoin (BTC), which increased in price by 17% during the same period. Separately, ETH hit its monthly all-time high overnight Monday-Tuesday at $1628.
Ethereum 2.0: A major new milestone has been reached
The Ethereum blockchain is preparing to transition from a Proof-of-Work (PoW) type consensus to a Proof-of-Stake protocol. This highly anticipated update will enable the network to be faster, greener, more scalable and offer limited gas charges.
Prior to the Merger, the merger of the main Ethereum blockchain with the Beacon Chain, in PoS, was underway, various testnets were successfully operated. The latest was to test a hard fork, testing a version of the Beacon Chain on the Sepolia network.
Last Thursday was the ninth fork shadow from Ethereum it happened. This is a major new step in the transition to Ethereum 2.0. A shadow fork is an operation that involves copying the main blockchain network to perform various tests on it. However, unlike s hard forkonly minor changes are considered here.
The ninth fork shadow Ethereum aimed to test the updates applied to Seplia on a more demanding network. This time, the amplification function of the maximum achievable value (MEV) was scrutinized.
This operation allowed Ethereum developers to analyze the maximum value that can be extracted after producing a block, in addition to the standard rewards and gas fees generated. Although MEV is currently owned by Ethereum miners, in the future it will be generated by validators.
The Merger could happen sooner than expected
Finally, although The Merge was announced in the winter of 2022, Ethereum developer revealed, on Twitterthat the date of 19 September considered now. Although this one is not final, this news did not fail to create enthusiasm among the Ethereum community. The subsequent success of the ninth shadow fork confirmed that Ethereum 2.0 was upon us.
Before that, the third and latest merge testnet, Goerli, scheduled to take place on August 11. The transition to Ethereum 2.0 will be a major event in the cryptocurrency market. We can therefore expect the price of ETH to be the catalyst for this historic operation.
Crypto-assets are a risky investment.