As per recent reports, the Ethereum Merge is now 99.76% complete. The credit should be given to the clients and developers who have been working continuously to successfully complete checklists and preparations such as releases and upgrades.
Moreover, almost 85% of nodes on the Ethereum network have been upgraded to the latest client releases. The Merge is all set to take place on September 15.
Recently, after a strong rally, the world’s second-largest cryptocurrency Ethereum (ETH) has been under immense selling pressure. This is contrary to what market participants anticipated. ETH is currently trading at $1,722.50 with a market cap of $210 billion.
Few skeptics are of the opinion that the Merge event will be a “sell the news” event and the ETH price would correct, and possibly crash, after the merger. They anticipate that the hype and optimism that is currently surrounding the asset will subside post the merge.
Meanwhile, BitMEX founder and CEO Arthur Hayes are bullish on the ETH price. He expects the asset to touch $3,000 by the end of the year and applauds Ethereum for undergoing a major infrastructural change with its transition. During a recent podcast interview, he mentioned, “The flows are guaranteed as long as the merge is successful!”
The BitMEX CEO added, “I have bought calls for $3000 by the end of the year. I am not worried about the FED because even if the FED raises rates by 20%, there will be a certain amount of demand for $Eth to use the dApps and the supply isn’t there to meet it!”
He anticipates strong liquidity by the end of 2022.
The on-chain metrics are suggesting a bullish divergence for Ethereum. On-chain data provider Santiment
As per OKLink’s ‘Ethereum The Merge Countdown’, the Ethereum Merge progress is 99.76% completed as Ethereum clients, developers, and users are contributing to speeding up the preparations. The Ethereum Mainnet (execution layer) is set to merge with the Beacon Chain (consensus layer), transitioning Ethereum from PoW to PoS.
Ethereum’s energy consumption will reduce by 99.95% with the transition to Proof-of-Stake (PoS). Most Ethereum mining pools have extended their support for ETC mining as Ethereum shifts to PoS.
It is noteworthy that, as per Ethereum Foundation’s recommended tracker, the Merge is estimated to happen on September 15 between 02:00-04:00 UTC.