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As per a recent Bloomberg report, ETH might plummet to 1k USD for the first time in 2 months, with volatile price swings in the 2nd largest digital asset ahead of its much-anticipated Merge upgrade.
Ethereum’s forthcoming “Merge” upgrade, which marks the Ethereum network’s transition from PoW to PoS, is anticipated to take place sometime between 10th September and 20th September.
Ethereum Foundation explains the Merge as
“The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. A truly exciting step in realizing the Ethereum vision – more scalability, security, and sustainability.”
The foundation added,
“Let’s consider an analogy. Imagine Ethereum is a spaceship that isn’t quite ready for an interstellar voyage. With the Beacon Chain, the community has built a new engine and a hardened hull. After significant testing, it’s almost time to hot-swap the new engine for the old mid-flight. This will merge the new, more efficient engine into the existing ship, ready to put in some serious lightyears and take on the universe.“
At the time of reporting, Ethereum is trading around 1590 USD with a market cap of around 194 Billion USD.
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