Ethereum’s price is going up and down like a roller coaster. Yesterday the currency marked another drop, but after the US central bank announced an interest rate hike, the value rose towards a daily gain of 15%.
The rise could be due to that rate hike, but it’s more likely that something else is at play.
Ethereum exchange rate 1600 euros
At the time of writing, Ethereum is traded on Binance for $1,622. Ethereum has risen 5.5% in the past 7 days. In the last two days, however, it seemed as if the week would end negatively, but the price has managed to recover well.
After many crypto companies collapsed in May and June, a (temporary) bottom was finally reached. From then on, the market seems to be mainly concerned with the upcoming merger of the two Ethereum blockchains. This merger is also called The Merge named.
Ethereum Switches to Proof of Stake
Developer Tim Beiko said in a conference call with other developers that September 19 is a feasible deadline for this merger. After the merger, Ethereum will no longer use proof of work, but will only use proof of stake. Before that merger can take place, thorough testing must of course be carried out.
Ethereum has taken a small but important step in this regard.
Test Ethereum 26 Hours Earlier
The tenth shadowfork of Ethereum went online 26 hours earlier than expected. This is because mining was faster after the hashrate on the network increased. Shadowforks are targeted tests on specific components of the merger. They simulate one or two changes to the blockchain that will take place in the future.
These kinds of tests are smaller than the various hard forks that are taking place on the test nets, such as at Sepiolia earlier this month. The larger tests are more about mimicking the entire merger, rather than looking at the smaller components of the blockchain.
August 11 important for Ethereum
Now the eyes of all investors can focus on August 11. On that day, the last major test will take place on Goerli, an Ethereum testnet. This will be the third (and final) test of its kind, and if successful, the merger on Ethereum’s real network can begin.
