Ethereum Recovers $2,000 Thanks to Merge Hype!

Early on Saturday, Ethereum reached a price of $2,000 as interest in its important Proof-of-Stake update grows.

This week, Ethereum developers tentatively scheduled "the Merge's" introduction for mid-September.

On the Merge Rally, ETH Breaks $2,000

Still active is the merge trade.

The weekend saw ETH continue its weeks-long uptrend, breaching $2,000 for the first time since May.

At the time of publication, the second-ranked cryptocurrency was trading slightly above the significant psychological threshold, according to CoinGecko data. Over the previous week, its market value increased by almost 16%.

Since its low in June, when the overall crypto market crashed as a result of the failure of Three Arrows Capital, ETH has increased by almost 100%.

While several cryptocurrencies have benefited from the uptick in the market, ETH has outperformed many other assets as a result of mounting interest in its historic "Merge" event.

One of the largest crypto events in history is reportedly about to take place when Ethereum finally completes its long-delayed upgrade to Proof-of-Stake.

The process known as "The Merge" will see Ethereum's Proof-of-Work execution layer and Proof-of-Stake consensus layer "merge."

At that time, rather than using miners to validate transactions, the network will rely on validators staking ETH.

Due to the changes it will bring, such as a 90% decrease in ETH issuance (since the network will no longer need to pay miners) and a 99.9% reduction in energy consumption, "The Merge" has gained strong support from the Ethereum community.

The so-called "Merge trade" has grown in popularity among traders recently as they attempt to capitalize on the enthusiasm surrounding the upgrade.

Many other Ethereum-related currencies, such Lido and RocketPool, have increased in value along with ETH.

Since Ethereum Classic uses Proof-of-Work, it has also done well, and after miners depart Ethereum itself, it might serve as a hub for them.

Some proponents of Proof-of-Work are even considering forking Ethereum in order to maintain a brand-new mining ecosystem, and Justin Sun is one of those who supports the idea.

After finishing its final test run for the update on the Goerli testnet, Ethereum continued this week's Merge surge.

When the network reaches a Total Terminal Difficulty of 58750000000000000000000, at which point blocks will be mined using Proof-of-Stake, Ethereum Foundation developers then tentatively approved for the upgrade to launch.

Currently, it's anticipated that it touch down between September 15 and 16.

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