ETHEREUM (ETH) is trading up 1.78% at 1702.60
Ethereum’s (ETH) long-awaited “The Merge” upgrade is set to kick off this September. The Ethereum Foundation, a non-profit organization behind the blockchain, is making sure all of the preparation goals are crossed off the checklist. To finish off the preparation phase, Ethereum quadrupled the reward for white hat hackers that are able to point out a bug in the system.
The Merge Coming Sooner Than Expected?
The computing power behind the network support has to do a lot with how smooth the transition to Proof of Stake (PoS) will go. As the final test on Ethereum’s (ETH) Goerli testnet is successfully completed, the mainnet switch is as ready as ever. Therefore, the Ethereum Foundation announced yesterday that the initial phase of the merge is likely to get going on September 6th.
Firstly, the Bellatrix upgrade on Beacon Chain is going to officially start on 11:34:47am UTC on Sept 6, 2022. The second part of the upgrade is called Paris and it will likely kick off between September 10th and 20th. However, the exact date depends on the Terminal Total Difficulty (TTD). It has to reach a certain TTD figure, which highly revolves around the Proof-of-Work (PoW) hash rate.
Top names in the crypto world are laying the groundwork prior to the highly anticipated upgrade. The Merge is supported by both Binance and Coinbase, the two biggest exchanges. Moreover, Coinbase introduced cbETH, an Ethereum (ETH) ERC-20 token.
The upcoming upgrade to Ethereum’s (ETH) blockchain will have a broad impact on the crypto industry. The long-awaited upgrade is a part of the series of major upgrades for ETH, and represents 55% completion of the network.
On technical fronts ETHEREUM (ETH) RSI stood at 50.89 and currently it is trading above 5 and 10 days MA & below 20 days MA. So, BUY position can be taken with following target and stoploss:
TRADE SIGNAL – : Ethereum (ETH) – BUY: 1700.40, TARGET: 1774.10, STOP LOSS: 1660.36