Today, June 9, the Ethereum (ETH) price has found a calmness. It’s all due to successful implementation of the merge on one of its former testnets.
Ethereum has risen slightly in the previous 24 hours to recapture the $1800 mark. This comes just after a few days of dramatical rejection from $2000.
The proof-of-stake (PoS) has successfully merged on its oldest testnet, Ropsten. Hence, there is slight recovery in the Ethereum price.
Many Ethereum engineers and validators have verified the installation. Now they are keeping an eye on the process to ensure that the integration proceeds successfully.
PoS Deployed On Ropsten Testnet
Although the testnet merging is now in the initial phase, a successful deployment might indicate a faster mainnet merge. Two more testnets before the final merge. Vitalik Buterin, the project’s founder, stated that the wider transition to PoS might occur as soon as August.
This schedule, however, is dependent on all testnets running successfully.
According to available stats, trader interest in the merger is high, with a total of $25 billion invested on Ethereum 2.0 as of last week.
Because the switch to PoS would enable the token with more accessibility, Ethereum prices are largely predicted to rise. The move may potentially rekindle institutional interest in the coin.
Concerns Rise Over Merge
As the merger is eagerly awaited, numerous traders have raised concerns about whether it would result in a major upgrade.
After the merger, the pricing mechanics of Ethereum might alter dramatically, placing further pressure on purchasers to sustain prices. All of this is due to the absence of mining rewards in PoS. It currently accounts for a significant portion of Ethereum’s demand.
People are worried regarding the merger’s stability, following the Beacon chain’s massive problems last month. Critics also claim that PoS is less secure than proof of work approaches.