|

Ethereum successfully completes the final shadow fork ahead of the Merge on September 9

  • Earlier this week, the Bellatrix (update to the Ethereum Virtual Machine) upgrade also went live.
  • ETH is currently trading at $1,712, with chances of reaching $2,000 in the next five days.
  • Ethereum is making a gradual recovery rising by almost 20% in the last two weeks.

The Merge, aka Ethereum's transition from a Proof of Work (PoW) chain to a Proof of Stake (PoS) consensus chain, is currently the hot topic in the crypto space. With every passing day, the Merge gets closer, and another box is checked from the developers' list.

One such box was the final shadow fork.

Ethereum inches closer to a new beginning

One of the Ethereum researchers indicated that the network just went through the last shadow fork before the Merge, successfully executing Ethereum Mainnet Shadow Fork #13.

Shadow forks are basically conducted to expose all the possible issues that could come up when executing the mainnet Merge. When the mainnet is ready for Merge, a successful shadow fork will not expose any issues.

Ethereum Merge is now just days away from going live, as earlier this week, the network also underwent the Bellatrix upgrade. However, unlike the shadow fork, the Bellatrix upgrade did note some hiccups as its "missed block rate" spiked by almost 1,700%.

Bellatrix, put simply, is the update to the Ethereum Virtual Machine (EVM), which is responsible for all the decentralized applications on the network.

The anticipation for the Merge is such that not only individuals from the crypto space are hyped, but non-crypto-niche people are also gaining interest. So much so that Google even added a countdown for the Merge.

Ethereum Merge's countdown

But how has it impacted the price?

After the August crash threw ETH down to $1,424, the altcoin king began recovering, and over the last two weeks, the price has risen by almost 20% to trade at $1,712 at the time of writing.

ETH is currently treading the long-standing resistance block, and if the altcoin can manage to flip this range into support, it will be closer to the 38.2% Fibonacci level, which is the first sign of a rally for an asset.

TradingView Chart
Ethereum 24-hour chart

Given that the Merge is just five days away, if ETH can hit $2,000 by then, the event's positive impact will place ETH in a rally.

Author

Aaryamann Shrivastava

Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.

More from Aaryamann Shrivastava
Share:

Editor's Picks

Pi Network extends consolidation as bulls eye $0.10

Pi Network price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases.

Bitcoin Weekly Forecast: Hormuz uncertainty clouds BTC outlook

Bitcoin trades around $62,900 on Friday, down over 3% so far this week, but signs of stabilization are emerging. Tensions in the Strait of Hormuz are keeping Oil prices and the war-risk premium elevated, supporting the US Dollar and weighing on BTC.

Crypto Today: Bitcoin, Ethereum, and Ripple risk steeper correction as bearish pressure mounts

Bitcoin trades below $63,000 on Friday, projecting a downside bias as selling pressure resurfaces. Ethereum and Ripple also take a bearish path, risking a drop below the 50-day Exponential Moving Average at $1,856 and the $1.00 psychological support, respectively.

Bitcoin SV Price Forecast: BSV hits three-month high, eyeing 200-day EMA breakout

Bitcoin SV (BSV) is up nearly 2% on Friday, extending a steady upward trend over the last two weeks. Retail strength builds in BSV amid multiple vulnerabilities found in the Bitcoin ecosystem.

Bitcoin: Hormuz uncertainty clouds BTC outlook
Bitcoin (BTC) trades around $62,900 at the time of writing on Friday, down over 3% so far this week amid cautious institutional demand and persistent geopolitical uncertainty. While BTC shows signs of stabilization, elevated Oil prices and tensions in the Strait of Hormuz continue to weigh on risk sentiment, keeping the Crypto King’s near-term outlook under pressure.