Is Ethereum (ETH) rallying on Merge update? When is it happening?

Highlights:

• Ethereum will transition to a PoS mechanism through its Merge upgrade to boost network security.
• The token can be traded on exchanges like Binance, OKX, etc.
• It reached the highest price of US$US$3,573.96 in the last 30 days.

The Ethereum (ETH) crypto gained traction on Wednesday after informing about its Merge upgrade for the transition to a PoS mechanism as part of efforts to boost network security.

Its lead developer Tim Beiko gave the updates. The ETH token surged over 1% after the announcement on Wednesday morning. But the one-day volume was down over 24%.

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When is the Merge happening?

Tim Beiko said on Twitter the Merge update would happen after June. He said Ethereum would complete the transition to a proof-of-stake (PoS) mechanism a few months after June.

The Ethereum network now depends on a proof-of-work (PoW) mechanism, in which the decentralized network of computers competes for validating transactions. Ethereum’s shift to a PoS system would enable users to secure the network by staking ETH.

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It is also expected that the transition would trim Ethereum energy costs by around 99% while making the scaling of the network easier.

The proof-of-work consensus mechanism uses energy-intensive advanced computers to validate transactions and secure the network. On the other hand, the new PoS mechanism would allow ETH holders or stakers to operate as validators.

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On Monday, Ethereum developers successfully launched a shadow fork to the Ethereum mainnet for stress testing the upcoming software.

Beiko had earlier said the upgrade could happen in the fall but didn't give a specific timeline. The Merge upgrade witnessed multiple delays since its start.

Also Read: Why is GMX crypto gaining attention? 

Data source: CoinMarketCap.com

Bottom line:

The ETH token was priced at US$3,074.91 at am ET on April 13, up 1.67%, while its volume for the last 24 hours declined 24.81% to US$17.25 billion. It has a market cap of US$370.77 billion, and its fully diluted market cap is US$370.44 billion.

The token's total and current circulating supply is over 120.36 million. Its price plummeted 17.22% YTD, while its larger rival, Bitcoin (BTC), fell 12.8% YTD.

It saw the highest price of US$US$3,573.96 and the lowest price of US$US$2,515.77 in the last 30 days. The token is available for trading on exchanges like Binance, OKX, Bybit, etc.

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