Why Ethereum (ETH) is Up Almost 50% in 6 Days
Ethereum is up a whopping 50% in 6 days. Here are a couple of possible reasons why.
Ethereum is going through a massive rally over the past six days as its price increased by a whopping 50% over the period – against the USD.
ETH also strongly outperformed BTC, and it’s up 25% against it over the same period, as seen in the chart below.
This move comes roughly a month after the cryptocurrency was trading within a fairly narrow range, which evidently broke to the upside.
Ethereum’s Ninth Shadow Fork – Commencing the Rally
As CryptoPotato reported on July 15th, Ethereum’s ninth shadow fork went live, hence putting in some of the final testing steps towards the migration to a proof-of-stake (PoS) network.
It was designed to test the updates that were made in the recent Sepolia hard fork, which took place on July 6th. It will also focus on a maximal extractable value (MEV) boost feature. This one refers to the maximum value that can essentially be extracted from block production in excess of the standard gas fees and the block reward.
At the moment, since the network is running on proof-of-work, it is miners that extract MEV. However, once ‘The Merge’ happens, it would be validators that will be able to extract maximal value.
Ethereum 2.0 Confirmed for September 19th (Not Final)
Another important update that the community received was the schedule for the release of Ethereum 2.0 – the long-awaited event that the entire industry is looking forward to.
ETH dev and Beacon Chain “community health consultant” Superphiz took it to Twitter to reveal that the merge is scheduled to take place on September 19th under a soft schedule that’s not yet final.
This merge timeline isn’t final, but it’s extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements.News Source