Over the past 6 days, Ethereum has seen a massive rally in its price as it increased by a whopping 50% against the USD.
ETH also outperformed BTC as it moved up by 25% against it over the same period, as seen in the chart below.
Source: Trading View
This breakout to the upside comes after almost a month of trading within a fairly narrow range.
Below are a couple of reasons which we believe are responsible for the rally.
Commencement of Ethereum’s Ninth Shadow Fork.
According to reports by cryptopotato.com on July 15th, Ethereum’s ninth shadow fork went live. As some final testing steps are been put in towards the migration of a Proof-of-stake (PoS) Network.
The design was made to test the recent updates in the Sepolia hard fork, which took place on the 6th of July. There will also be a focus on a maximal extractable value (MEV) boost feature. Which is the maximum value that can essentially be extracted from block production which includes standard gas fees and the block reward.
Since the network is currently running on proof of work, only miners extract MEV. However, validators will be able to extract maximal value once ‘The Merge’ happens.
Ethereum 2.0 is confirmed for September 19th (Subject to change)
The community received another update as the schedule for the long-awaited Ethereum 2.0 was released. The entire industry is looking forward to this event.
Superphiz an ETH dev and Beacon Chain community health consultant” took to Twitter and revealed the schedule for ‘The Merge’ which is slated for the 19th of September but is still subject to change.
Source: Twitter
Featured image source:pngwing.com
