Is Ethereum headed towards $2,000 ahead of The Merge?

economictimes.indiatimes.com:

Merge' by the crypto community. 'The merge' will shift Ethereum to a proof-of-stake (PoS) mechanism from its existing proof-of-work (PoW) mechanism, making it more energy efficient and carbon effective. Vikram Subburaj, CEO, Giottus Crypto Platform, said that the Merge will change the consensus mechanism but it will not increase the capacity of the Ethereum network. Merge may lead to forked chains similar to Ethereum Classic (ETC) that split from Ethereum in 2016," he said.

Did you Know?

From tracking sustainability of products to monitoring pollution, environmental researchers are now finding blockchain’s use in solving the climate crisis.

Ahead of this major update, slated to be completed between September 10-20 this year, the token rose as much as 11 per cent on Tuesday, near the $1,600 mark. Ethereum's native currency Ether (ETH) zoomed about 10.7 per cent from its 24 hours low price of $1,445.37 to hit 1,595.56. However, it was trading at $1,586.85 at 14.45 hours IST, the data from Coinmarketcap suggested. The total market capitalization of the token remained below the $200 billion mark but volumes jumped more than 34 per cent as the ETH tokens worth more than 19 billion exchanged hands in the last 24 hours, as per the data. However, analysts remain mixed about the price movement of the token ahead of the major update. It is believed by some that Ethereum is likely to move higher ahead of the software update. Whereas others believe that the token will stabilize in the long run after some near-term volatility. Commenting on The Merge, Edul Patel, CEO and co-founder, Mudrex, said that Ethereum has been performing better than Bitcoin over the past few months as the Merge draws closer. «The price of the