Ethereum, the largest altcoin is scheduled to welcome the much-anticipated Merge this September.
This event would happen in two phases. The Bellatrix upgrade on Ethereum’s proof-of-stake (PoS) Beacon chain, followed by the Paris upgrade. But there’s something that investors/clients should know beforehand.
Ethereum founder Vitalik Buterin alerted node operators to upgrade their clients in preparation for the 6 September upgrade on the Beacon chain before the Merge.
It would go live from 10-20 September. But before that, the beacon chain would go live on 6 Sep.
Buterin took to Twitter and stated,
“Reminder: even though the merge is coming around Sep 10-20, the beacon chain hard fork is on Sep 6. Make sure to update your clients before then!”
The Merge represents the joining of the existing execution layer of Ethereum with its new proof-of-stake consensus layer, the Beacon Chain.
It would eliminate the need for energy-intensive mining. And, instead, secure the network using staked ETH.
A truly exciting step in realizing the Ethereum vision of more scalability, security, and sustainability.
With the Bellatrix upgrade, the Beacon chain upgrade already seems to be in the works.
What’s in it for me?
Investors within the Ethereum network have showcased their support before the upgrade. Especially, institutional investors. These cohorts accumulated the token, taking advantage of the opportunity to pick up the asset at lower prices.
CME Group Inc. launched new euro-denominated Ethereum futures contracts as derivative markets continue to show healthy trading volumes. First announced on 4 August 2022, the new Ethereum futures contract was set at 50 ether.
Also, On 18 August, the CME Group announced its upcoming ETH options as interest in its standard. And, micro-sized Ethereum futures contracts surged in anticipation of the upcoming Merge.
Overall, these points scream demand for the largest altcoin. Renowned crypt0 analysts too have been sharing a similar viewpoint.
Consider this- prominent crypto analyst Michaël van de Poppe offered this technical analysis of ETH’s latest price action. As per the analyst, ETH could see its price go above the $2k mark following the transition.
🔥 – #Ethereum fork happening on the 6th of September, which increases the odds of the Merge to be a success -> sentiment changing.
The scenario still going as planned, I don’t want it to drop sub $1,350.
If strength continues -> $2,200 next. pic.twitter.com/Aw2KyNPUKW
— Michaël van de Poppe (@CryptoMichNL) August 30, 2022
However, as reported by Bloomberg, Ethereum investors appeared to remain divided on the outcome. For instance, most retail traders expect a price correction in the asset following the Merge.