This Is Why Ethereum Hard Fork Might Not Be Successful
With the Ethereum fast approaching, the onus is now on how successful the transition to the proof of stake could turn out to be. Meanwhile, it also remains to be seen how a potential hard fork for a proof of work Ethereum would fare. On the other side, the Ethereum Merge initiative garnered support from several crypto exchanges already. In parallel to the positive environment in the market, the ETH price gained momentum in recent times.
Ethereum Hard Fork – Circumstances Leading To The Merge
It is quite evident that positive momentum in ETH trading in the last few weeks is a sign of confidence in the upcoming Merge event. With the Ethereum Merge also discussed widely on social platforms, a buzz had been building around the much anticipated shift. Adding to this, several crypto companies announced their support to the Merge transition. Some of the companies have even clearly stated they would not support any Ethereum hard fork for proof of work mechanism.
Among the companies that announced plans to support the Merge are exchanges Binance, Coinbase, Circle, and Tether. Circle, the company behind stablecoin USDC, said it will not offer support to ETH hard forks. “Circle intends to fully and solely support the Ethereum proof of stake (PoS) chain post-merge.”
The Lead Up To Ethereum Merge
In recent times, the euphoria around the Merge pushed the cryptocurrency beyond Bitcoin is certain aspects. Data showed that Ethereum overtook Bitcoin (BTC) in options open interest. The ETH options open interest soared to a new all time high of $8.20 billion. Also, ETH price grew substantially in the last 45 days. From the trading range of just over $1,000 in mid-July, the cryptocurrency recently reached a peak of $2,000. As of writing, ETH is trading at $1,638.98, up 7.06% in the last 24 hours, according to price tracher CoinMarketCap.
Meanwhile, traders anticipate an increased bullish momentum for ETH as the market anticipates a successful Merge. As per crypto trader Alex Kruger, the break even point for ETH is $1,650, above which it could reach higher range. He tweeted,
“Once $ETH is above 1650 after cash equities open it gets in squeeze higher territory.”
Last week, the cryptocurrency dropped steadily after reaching a top of $1,686.
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