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Merge Hype Helps Ethereum Reclaim $2,000!

Merge Hype Helps Ethereum Reclaim $2,000!

As excitement about Ethereum's next Proof-of-Stake update continues to rise, the cryptocurrency's price surpassed $2,000 early Saturday morning.

This week, Ethereum developers settled on the middle of September as the most likely launch date for "the Merge."

During the Merge Rally, ETH Price Breaks $2,000

The trading in Merge is doing quite well even now.

ETH continued its run that has been going on for weeks into the weekend, and it broke the $2,000 barrier for the first time since May.

At the time of publication, the data provided by CoinGecko indicates that the cryptocurrency ranked second is trading barely above a critical psychological milestone. Over the course of the past week, its value on the market has increased by almost 16%.

After this most recent rally, ETH is up more than one hundred percent from its low point in June, which was when the whole cryptocurrency market crashed as a result of the failure of Three Arrows Capital.

Despite the fact that other cryptocurrencies have profited from the market's rebound, Ethereum Classic (ETH) has outperformed several assets as a result of the building anticipation for its historically significant "Merge" event.

In the coming weeks, Ethereum is anticipated to finish its long-delayed upgrade to Proof-of-Stake. This event, which has been hailed as one of the most significant cryptocurrency events in the history of cryptocurrency, is scheduled to take place.

The process known as "The Merge" will result in Ethereum's Proof-of-Work execution layer becoming "merged" with its Proof-of-Stake consensus layer at some point in the future.

When this occurs, the network will no longer rely on miners to validate transactions; rather, it will rely on validators who stake ETH.

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"The Merge" has garnered widespread support from the Ethereum community as a result of the changes that it will bring, such as a 90 percent decrease in the issuance of ETH (because the network will no longer need to pay miners) and a 99.9 percent reduction in the amount of energy that it will require.

The so-called "Merge trade" has become a common strategy among traders in recent weeks. These investors are seeking to capitalize on the enthusiasm that has been generated by the update.

Along with ETH, the price of a large number of other tokens associated to Ethereum, such as Lido and RocketPool, has increased.

Since Ethereum Classic uses Proof-of-Work, it has also been successful, and as a result, it has the potential to become a center for miners after they move on from Ethereum itself.

Some supporters of Proof-of-Work are even considering forking Ethereum in order to preserve a new ecosystem for miners. This proposal has received support from the likes of Justin Sun, who is a proponent of Ethereum.

After Ethereum finished its final test run for the update on the Goerli testnet this week, the cryptocurrency continued to surge higher in the Merge rally.

After that, the developers working on the Ethereum Foundation came to a provisional agreement that the upgrade should be released when the network reaches a Total Terminal Difficulty of 58750000000000000000000, after which blocks will be mined utilizing Proof-of-Stake.

At this time, it is anticipated that it will arrive some time between September 15 and September 16.

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