Today, June 9th, the price of Ethereum (ETH) has found peace. This is all due to the successful implementation of merge on one of its former testnets.
Ethereum has risen slightly over the past 24 hours to retest the $800 mark. This comes after a few days of dramatic rejection from $2000.
Proof-of-Stake (PoS) has successfully merged with its oldest testnet, Ropsten. Therefore, there is a slight correction in the price of Ethereum.
Several Ethereum engineers and validators have verified the installation. Now they are overseeing the process to ensure that the integration proceeds successfully.
PoS deployed on Ropsten testnet
Although testnet merging is now in its early stages, a successful deployment may indicate a faster mainnet merge. Two more testnets before the final merge. Project founder Vitalik Buterin said a widespread transition to PoS could happen in August.
However, this schedule is dependent on all testnets running successfully.
According to available data, traders’ interest in the merger is high, with a total of $25 billion invested on Ethereum 2.0 as of last week.
Since the switch to PoS will enable tokens with greater accessibility, the Ethereum price is predicted to rise substantially. The move could potentially rekindle institutional interest in the coin.
increased concern about the merger
As the merger is eagerly awaited, many traders have raised concerns whether it will result in a major upgrade.
Following the merger, the pricing mechanics of Ethereum could change dramatically, increasing the pressure on buyers to hold the price. This is all due to the lack of mining rewards in POS. It currently accounts for a significant portion of the demand for Ethereum.
After the massive problems with the Beacon chain last month, people are concerned about the stability of the merger. Critics also claim that PoS is less secure than the proof of work approach.
