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Highlights
- The Ethereum Foundation announced the success of the Goerli test merge at 1:45 AM (UTC) on 11 August.
- As a result of the news, the ETH at the time of writing was rallying over 12.47%, with a volume gain of over 59% (8:00 AM GMT+1), according to CoinMarketCap.
Ethereum, the second most popular crypto according to market cap, has been witnessing a sudden uptick on 11 August. Due to the momentum, it had been building for the past week, Ethereum rallied over 15% and 16%, respectively, in two weeks and seven days.
However, today’s rally is on the back of the Ethereum Foundation announcing the success of the Goerli test merge at 1:45 AM (UTC) on 11 August. As a result of the news, the ETH at the time of writing was rallying over 12.47%, with a volume gain of over 59% (8:00 AM GMT+1), according to CoinMarketCap.
What is the Goerli test merge?
The Goerli test merge was Ethereum’s last testnet merge before Ethereum finally moves on to the Proof-of-Stake (PoS) Beacon Chain consensus from the current Proof-of-Work. Following Roopsten and Sepolia, Goerli was dubbed as the network’s final dress rehearsal before the Merge event, which is due next month.
The Goerli testnet merge took place in two phases, beginning with the Bellatrix upgrade, which happened earlier this month. The second phase known as Paris was then initiated after the testnet achieved the Terminal Total Difficulty on the Goerli chain.
What makes Goerli merge different from the earlier merges is the fact that its ability to limit the integration with the node operators. The earlier versions required the node operators to update their consensus layer and execution layer to the clients simultaneously rather than only one.
Ethereum crypto’s price performance
Not surprisingly, the RSI of the token has witnessed a zoom and, on 11 August, was placed at 68.11 during intra-day trading. The courtesy of the momentum building, the market activity too saw a high with more market participants showcasing their interest in the token.
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Image credit: Trading View
Even from the MACD perspective, the blue line (MACD line) has hopped above the signal line showcasing an upward climb.
As a result, Ethereum on Thursday was trading at US$1,896.73 with a trading volume of US$27,87,64,34,710 at 8:00 AM (GMT+1). It had a live market cap of US$2,31,24,33,70,365 with 12,19,16,692 ETH coins in circulation.
While the rally must be promising, whether it puts an end to the crypto winter that the token and the overall crypto market have witnessed remains to be seen. But with the crypto market known to be volatile, it would be imperative to do proper market research before making important market decisions.
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