Ethereum Jumps By 40% After News Of Merge In September
Ethereum jumped by 40% after news of the merger in September. Ethereum has seen an incredibly big rally since the developers announced a rough idea of when the ETH POS merge will officially take place.
ETH Rally
Since Ethereum developers announced the timeline of their Proof-Of-Stake Merge that will ‘officially’ take place around September 19th, this brought on a lot of excitement from the community as the price of Ethereum jumped up by a suprising 40% from $1,000 on July 13th to $1,400 on July 16th.
This merge timeline isn't final, but it's extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI
— superphiz.eth 🦇🔊🐼 (@superphiz) July 14, 2022
The POS Merge
The Eth merge from Proof-Of-Work to Proof-Of-Stake has been a buzz in the crypto community for a long time, with serious talks and test merges only having started this year. With the merge to proof-of-stake, Ethereum is expected to reduce the blockchains energy consumption by as much as 99%.
Because of this, it has seemed to make many in the community bullish on the coin, sending its prices flying. Scott Melker, an independent market analyst said about Ethereum‘s rising price “A break above $1,284 should send prices flying, as there’s almost no resistance until the $1,700s.“
However, despite the excitement and buzz around the POS merge that has caused ETH’s price to spike this much so far, a number of crypto experts and analysts warn that this Ethereum price rally won’t last long and its prices are expected to sink back down by 45% in time.
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