Ethereum price: This mega event will lay the foundation for the Ethereum Merge
- Vitalik Buterin announced that the Beacon chain hard fork is on September 6, users need to update their clients before the deadline.
- The Merge is scheduled to occur around September 10 to 20, post the Beacon chain hard fork.
- Analysts argue Ethereum price uptrend could continue since ETH crossed two significant supply zones at $1,475 and $1,560.
Ethereum price has crossed two significant supply zones pushing the asset’s price past $1,576. Post Vitalik Buterin’s announcement, analysts’ outlook on Ethereum has turned bullish. Analysts predict a rally in Ethereum post the transition to proof-of-stake, scheduled to happen in the Merge.
Also read: Ethereum funding rate drops to the floor, what to expect from ETH price?
Ethereum Merge draws closer, Buterin announces Beacon chain hard fork
Vitalik Buterin, co-founder of Ethereum announced that the Beacon chain hard fork is on September 6, and will lay the foundation for the Merge on the mainnet, expected anytime between September 10-20. The Merge will enable Ethereum’s shift from proof-of-work to proof-of-stake, opening a new much-anticipated chapter for the ecosystem.
In a recent tweet, Vitalik Buterin explained the significance of the Beacon chain hard fork in the projected Merge. Ethereum mainnet has to “merge” with Beacon chain for the transition to proof-of-stake to be completed smoothly. Buterin reminded users to upgrade their clients before September 6, the deadline for the Beacon chain hard fork.
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! https://t.co/x8GQCbtNNk
— vitalik.eth (@VitalikButerin) August 30, 2022
Ethereum’s Merge is slated to occur before September 20 and another step in the whole process is the ‘Bellatrix upgrade’, allowing the chain to update Ethereum’s consensus layer. This event is scheduled for epoch 144896, 11:34 UTC on September 6.
The Merge is coming: UPGRADE YOUR CLIENTS!
— Ethereum (@ethereum) August 29, 2022
• The Bellatrix upgrade is scheduled for epoch 144896 on the Beacon Chain – 11:34:47am UTC on Sept 6, 2022
• The TTD value triggering The Merge is 58750000000000000000000, expected between 10-20 Sep 2022
MORE: https://t.co/CdW89oSoE6
Ethereum’s Merge narrative has acted as a driver for a price rally in the altcoin. Analysts evaluated the Ethereum price trend and noted that ETH price recently crossed two significant supply zones.
Based on data from IntoTheBlock, Ethereum’s two key supply zones are at the $1,475 and $1,560 level. 585,000 addresses purchased 2.81 million Ether at $1,475. 526,000 addresses scooped up Ether at the $1,560. Ethereum price has crossed the two supply zones and sustained its uptrend.
Two key supply zones for Ethereum
Analysts predict continuation of Ethereum’s uptrend
Phoenix_Ashes, a pseudonymous crypto analyst believes Ethereum’s next bullish target is $1,728. Ethereum price crossed obstacles at $1,568 and $1,589. Reclaiming the $1,500 level was key to Ethereum’s sustained uptrend.
ETH-USDT price chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
