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Highlights
- Ethereum completed its historical 'Merge' on 15 September.
- Ethereum's mainnet execution layer and the Beacon Chain's consensus layer merged at block 15537393.
- Ethereum was down by 0.80% at 1:00 PM (GMT +1) and was trading at US$1,590.54 with a trading volume of US$25,25,03,11,742 over a day, according to CoinMarketCap.
Finally, it's history in the making for the Ethereum protocol! The month of September 2022 will surely be considered as one of the most 'significant' months in the entire crypto history as Ethereum completed its historical 'Merge' on 15 September.
Ethereum's mainnet execution layer and the Beacon Chain's consensus layer merged at block 15537393. This means that the second-largest cryptocurrency by market cap would no longer require to rely upon Proof-of-Work (PoW) consensus mechanism.
Expressing his happiness about the Merge, Ethereum's co-founder Vitalik Buterin tweeted that it is a big moment for the ecosystem.
Why was the Merge important?
Ethereum Merge was one of the year's most anticipated events, and ever since the Merge dates were revealed, the momentum towards the event was building up. Before the Merge, Ethereum largely depended on the PoW network, which consumed a lot of energy. But following the Merge, the developers believe that Ethereum can significantly reduce energy consumption on the network by 99 per cent.
How is the Ethereum price faring amid the Merge news?
It is believed several exchanges, such as Coinbase, Kraken, Binance etc., had temporarily paused trading for Ethereum-related tokens. It may be because of this that the news of Ethereum Merge hasn't lifted the mood of the ETH.
Image credit: Trading View
While the intraday RSI on Thursday stood at 46.59, the MACD indicators showed that the momentum is currently weak, with the signal line and the MACD line almost parallel to each other, creating a small but decent space between the signal line.
Ethereum, on 15 September, was trading at US$1,590.54 with a trading volume of US$25,25,03,11,742 over a day, according to CoinMarketCap. The token was still down by 0.80% at 1:00 PM (GMT+1) with a live market cap of US$1,94,64,61,68,318.
While the Merge news is significant, ETH investors would hope for the exchanges to restart their trading. At the same time, they would also be hoping that this Merge event could perhaps help Ethereum revive its fortunes and kick on from here on. While all that remains to be seen, as investors, one must do proper market research before getting into the market.
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