Crypto ETH Rises 30 Percent Week, Ethereum 2.0 Set to September 2022

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As the crypto market begins to strengthen again after weeks of sluggishness, Ether (ETH) is showing signs of a strong recovery.

The crypto asset with the second largest market cap is supported by a merge event that will take place in mid-September according to the Ethereum developer schedule.

ETH Crypto Strengthens

On July 16, 2022, the Week in Ethereum News reported that the merge plan to shut down the Proof of Work (PoW) algorithm had been set for September 19.

PoW has been criticized for its environmental impact, scalability and security concerns. On the other hand, blockchains that use Proof of Stake (PoS) are seen as providing faster, more economical and efficient transactions.

The merge event will merge the Ethereum mainnet with the Beacon Chain system that uses PoS. The Ethereum mainnet can be continuously secured with PoW, while the Beacon Chain runs simultaneously using PoS.

As a result of the news, the crypto asset ETH continued to strengthen over the weekend and climbed to $1,480 on July 18th. CoinMarketCap data shows ETH increased nearly 30 percent over the previous seven days.

According to crypto-analysis platform CryptoRank, the scheduling of the merge resulted in the strengthening of the ETH price and the faster accumulation of tokens on the ETH 2.0 deposit contracts.

With a gain of 11 percent in one day, ETH is outperforming Bitcoin (BTC). BTC increased 4.76 percent and is trading at US$22,209, quoted from Finbold.

Crypto trading analyst under the pseudonym Rekt Capital said, for ETH to move towards the US$2,000 level, the price would have to close within the region between US$1,300 and US$1,800 on the weekly chart and test that level as support.

At the same time, on July 18, a professional crypto trader with the Twitter account CryptoDonAlt shared his analysis that the merge announcement could provide a strong boost to the ETH price.

“US$1,800 is an attractive area for the daily chart, but with the merge event, the positive sentiment is just starting. I will keep ETH until the target is reached or not,” explained CryptoDonAlt.

Meanwhile, the CoinMarketCap crypto community gave a prediction in early July. With a total of 11,254 votes, the community said ETH will trade at an average price of US$2,529 by the end of July.

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