Following the launch of Phase 0 ETH 2.0 Beacon Chain in December 2020, the community has been eagerly awaiting the merger. Even before this the program has been postponed several times. However, mainnet merges, despite having major flaws and low potential for outrage, may still face some turbulence.
Testnet merge results included 14% of validators with downtime during transactions, while most of them had an issue with the nimbus-team configuration, which should be fixed. On the other hand, 5% of them encountered minor bugs that led to minor downtime.
There is no doubt that the bug was fixed with a simple reboot of node, but issues and configuration issues are expected to be encountered by 9% of validators on the mainnet who encounter issues. Although the majority of the community has not seen any major impact on the price of ETH, the market sentiment may change after the merger.
Ethereum (ETH) Price Analysis
The price of Ethereum, since the recent market crash in May 2022, has been declining sharply within an insured descending triangle. Currently, the lower support near $1700 is firmly held as the price takes a turning point every time it reaches there. However, the current price action is pointing to a possible descending trendline that could force the price to pierce these levels and test new lows.
ETH price, if it fails to rebound from the descending triangle before reaching the top, could eventually decline towards the lower support at $1500. Worst case scenario—the price could even fall below these levels—where a significant rally could be ignited. Despite the flip, the strength of the rally could be drastically undermined, impacting Ethereum’s price recovery amid the Beacon Chain merger.