In the upcoming week, the Ethereum market will be awaiting the massive update that will happen around September 15.
Technically, the Merge is the only fundamental growth factor forEthereumtoday as the two main industries that bring the most revenue and value to the network, DeFi and NFT, are in a stalemate.
The second-biggest cryptocurrency has already priced the successful update to the new type of consensus mechanism. After the Merge is installed, we will most likely see a mild price or volatility increase.
The negative scenario would commence if the network faces certain technical issues and starts showing degraded performance. Luckily, every testnet installation ended up well with all of the network’s functions remaining intact.
Ethereum miners get ready for the Merge
Ethereum miners are also getting ready for the massive update. Blockchain explorer and mining pool BTC.com has now added support for Ethereum Classic (ETC) as the Ethereum network switches from proof-of-work (PoW) to proof-of-stake(PoS) with the Merge.
According to BTC.com’sEthereum The Merge Countdown, the Merge is estimated to trigger at the TTD of 58,750,000,000,000,000,000,000 on September 15 at 04:44:47. The network hashrate is 891.96 TH/s. However, as per Ethereum Foundation’s suggested tracker, the estimatedMerge date is September 14at 22:49:47 UTC.
With Ethereum miners becoming obsolete after the Merge, BTC.com has expressed support for ETC mining. The mining pool has even launched BTC.com ETC Pool to have miners switch to Ethereum Classic after the Merge. Also, a “zero fee” ETC mining for 3 months has been launched to reward miners and users to support BTC.com.
Users can connect ETC hashrate to BTC.com ETC Pool directly to take advantage of zero mining fees until December 1.
Top mining pools including Ethermine and Antpool have also announced support for ETC mining and turned down Ethereum PoW. Antpool has even committed a $10 million investment to support Ethereum Classic. It also promised to continue investments and support ETC payments.
Potential forked tokens
Meanwhile, crypto exchange Poloniex is already prepared for hard fork Ethereum trade. It has enabled trading of potential ETH forks. Aswapping option for ETHto the possible forked tokens is open for Poloniex customers.
“Poloniex has enabled the trading of potential ETH forks, ETHS (ETH2) and ETHW (ETH1), and listed TRON-based ETHS and ETHW. Prior to the official ETH 2.0 upgrade, ETH holders on Poloniex can go to the swap page to swap their ETH into two “potential forked” tokens, ETHS [IOU] and ETHW [IOU] , at a 1:1 ratio.”
Ethereum price analysis
Ethereum made an attempt to gain strength above the$1,620 resistanceand the 100 hourly simple moving average. However, ETH failed to remain stable above $1,620.
A high was formed near $1,648 and the price trimmed gains. There was a drop below the $1,580 level and $1,550. A low is formed near $1,535 and the price is now rising. There was a move above the $1,550 resistance. Ether price cleared the 23.6% Fib retracement level of the recent decline from the $1,648 swing high to $1,535 low.
It is now trading above $1,550 and the100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,560 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,600 level. It is near the 50% Fib retracement level of the recent decline from the $1,648 swing high to $1,535 low. The next major resistance is now forming near the $1,620 level.
Hourly MACD – Gaining momentum in the bullish zone
Hourly RSI–Above the 50 level.
Major Support Level – $1,535
Major Resistance Level – $1,600
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