Ethereum (ETH/USD) is the second largest cryptocurrency in terms of market capitalization and one of the largest blockchain networks in terms of decentralized application (dApp) development.
In fact, Ethereum became the home to some of the most popular and most valuable non-fungible tokens (NFTs), which utilized its technology and smart contracts to get minted.
All of this has contributed to its overall growth. However, Ethereum is undertaking one of its largest network upgrades yet, in the form of “The Merge.”
“The Merge” and it’s potential to boost the value of the ETH cryptocurrency
On August 24, 2022, the Ethereum Foundation Blog posted the “Mainnet Merge Announcement” article.
In the article, they claim that “The Merge” has to be first activated on the Beacon Chain with the Bellatrix upgrade.
Following this, the Proof-of-Work (PoW) chain will migrate to Proof-of-Stake (PoS) when it hits a specific Total Difficulty Value.
With that in mind, according to the blog post, the Bellatrix upgrade is scheduled for epoch 144896 on the Beacon Chain at 11:34:47am UTC on September 6, 2022.
Alongside this, the Terminal Total Difficulty value triggering The Merge is 58750000000000000000000, expected between September 10 to September 20, 2022.
The Kiln testnet is also being sunset, where Operators will shut down on September 6, 2022.
Let’s find out how far Ethereum can climb before “The Merge” happens and how this can affect its overall value.
Should you buy Ethereum (ETH)?
On August 25, 2022, Ethereum (ETH) had a value of $1,708.70.
The all-time high of the Ethereum (ETH) cryptocurrency was on November 10, 2021, when it reached a value of $4,878.26. Here we can see that at its all-time high, the cryptocurrency was $3,169.56 higher in value or by 185%.
When we go over its performance throughout July, we can see that Ethereum (ETH) had its lowest point of value on July 13 at $1,026.84.
Its highest point was on July 28 at $1,756.23. Here, we can see an increase in its value by $729.39 or by 71%.
With this in mind, we can expect the Ethereum (ETH) cryptocurrency to climb to $1,900 in value by the end of August 2022, and before “The Merge,” which means that investors might want to buy ETH to get the most out of it.
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