- Ethereum now only has over 27,000 blocks remaining before The Merge.
- September 15 remains the tentative date of The Merge.
- Ethereum holders will decide whether ETH will moon or crash once The Merge has occurred.
The Ethereum network now has only over 27,000 blocks remaining before its most anticipated transition into Proof of Stake (PoS).
In detail, Ethereum is at block no. 15,508,871, at the time of writing. Given that the network expects The Merge to happen at block no. 15,536,905, September 15 is the tentative date. This is because it takes around 10 seconds for the network to discover and validate a new block.
The anticipation surrounding Ethereum’s PoS transition has caused many to make bullish statements regarding the eventual price of ETH. However, to put things into perspective, changes in ETH price will only be a consequence of The Merge and not the other way around.
The MERGE is expected to have three major impacts:
— Sandy.ubu (@sandy_carter) September 9, 2022
1/ Reduces energy consumption by 99% making the blockchain more efficient
2/ Increases security on #Ethereum blockchain
3/ Lays the groundwork for scalability and future upgrades @unstoppableweb @0xPolygon @bwblockchain
Regardless, the price of Ethereum has started to recover after a market bloodbath a couple of days ago. At the time of writing, ETH is changing hands at $1,725.45, according to CoinGecko. This translates to a 7-day gain of 9.5%.
As seen on the chart above, Ethereum has been following an uptrend since the end of August. However, $1,700 is the most crucial resistance level to observe, as this has proven to be formidable since last month. The market will probably decide whether ETH will moon or crash after The Merge has occurred.
