Ethereum The Merge is currently the most anticipated event in the crypto ecosystem. It will take place between September 13 and 15. As its transition from Proof of Work (PoW) to Proof of Stake (PoS) is fast approaching, Ethereum (ETH) is in the green and the price is bouncing back over 8%.
The Merge is the first step in a roadmap, after that there will be much more work to do. The Ethereum blockchain is expected to complete its version of The Merge between September 13 and 15. However, the blockchain will still continue its development after this stage, it will continue to evolve, according to the release.
Ethereum claims that the Proof-of-Work system currently consumes about 45 terawatt hours of electricity per year. That’s half of the 95 terawatt hours per year that Bitcoin uses – a figure published by the University of Cambridge. PoW requires a lot of computing power, which is considered very energy intensive and expensive to run.
The proof-of-stake protocol, on the other hand, is much less energy-intensive. In fact, Ethereum developers claim that the change of consensus will save 99.95% of energy. The removal of miners, who validate transactions using enormous computing power and therefore electricity, will therefore make the Ethereum blockchain greener.
Ethereum ‘s price returned to the green
Ethereum returned to the green on Thursday, as the bulls seem to be returning. The token rose more than 8% in today’s session, as prices climbed back above the $1600 level.
Bitcoin also rebounded in today’s session, climbing back above $19,000. Overall, the crypto markets are up 4.39% at the time of writing.
After a low of $1,505.95 on Wednesday, ETH hit an intraday high of $1,651.05 during Thursday’s session.
The move comes as ethereum bounced off its $1,550 low earlier in today’s session, after a false break below that point yesterday.
While the bulls still have the $1,700 ceiling in their sights, price volatility has increased, following a move above $1,614 resistance. ETH has now fallen from previous highs, which is the result of potential profit-taking as former bulls chose to secure their gains.
Today, September 09, 2022, the price of Ethereum (ETH) is at $1,731, up 6.68% over 24 hours. The ETH crypto currency has a 24-hour trading volume of $21.3 billion, with a market cap of $211.7 billion.