Ethereum Briefly Breaks $1400, Miner Says The Merge Is Likely To Delay
- An Ethereum supporter and Chinese miner claims that the merge is likely to be delayed.
- The Ether (ETH) token breached the $1400 price level for a brief moment
For a short time, Ethereum, the world’s second-biggest blockchain network, broke the $1400 price level and ultimately fell below it afterward. This was likely due to the approaching transition of the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus.
According to CoinMarketCap (CMC), the token rose by nearly 10% in the last 24 hours and broke the $1400 mark briefly. The daily high for the token stands at a price of $1422 and it seems there is a strong resistance towards $1500 which the Ether token failed to reclaim.
This bullish move comes at a time when a highly anticipated event is likely to take place. The transition of Ethereum from PoW to PoS dubbed as ‘The Merge’ will likely to occur in August, as confirmed by the co-founder of the network, Vitalik Buterin at the ETH Shanghai Web 3.0 Developer Summit.
“If there are no problems then the merge will happen in August. But of course, there’s always a risk of problems. There’s also a risk of delays. And so September is possible and October is possible as well,”
the Ethereum co-founder said at that time.
However, Buterin stated that The Merge could also be delayed. With the ninth shadow fork going live recently, we are coming closer and closer to The Merge. Interesingly, during a conference call with other developers, Tim Beiko, a major Ethereum developer who organizes meetings for the network, set September 19 as a possible date for the event.
It seems that investors are becoming increasingly bullish on Ethereum as The Merge approaches. But, a Chinese miner and Ethereum supporter claims that The Merge will generally be postponed as the Dapps need to be adapted. He claims that there is a high probability of a merge between November and December.
As Ether (ETH) broke through the $1,400 price region, the amount of liquidations in the past 24 hours broke the $260 million mark for Ethereum.
“If we found 0 more bugs, we can probably merge in a couple months. I just don’t think that’s realistic. Also don’t think it’s likely we will find 10, or even 5?, more severe issues. Confidence shrinks exponentially within that range, though,”
Beiko added while talking about the chances of delays.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
