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NewsBTC 2022-07-07 16:27:33

Ethereum (ETH) Shifts To High Gear – Crosshair Locked At $1,250?

The price of Ethereum (ETH) has continued to trade upwards over the past several days, following a dramatic reversal from the previous low near $1,000 during the last seven days. Wednesday saw the ETH/USD pair surge to the $1,175 barrier level, recording a clear higher high. As of this writing on Thursday, ETH was trading at $1,218 — an increase of 10.6 percent over the previous week, according to data from Coingecko. The announcement that Ethereum developers successfully executed The Merge on the Sepolia testnet boosted the price of Ether by 5 percent over the past 24 hours, data show. Suggested Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours Ethereum Gets Some Energy From The Merge The Merge will facilitate the transition of the Ethereum network to the Proof-of-Stake (PoS) network. Proof-of-stake protocols are a type of consensus mechanism for blockchains that pick validators proportionally to their holdings of the corresponding cryptocurrency. This is performed in order to circumvent the computational expense of proof-of-work techniques. The second-largest cryptocurrency in the world was subject to intense selling pressure earlier this week. Since early April, the bears have dominated the market fully. The support at $1,000 has prevented additional Ethereum price declines over the past week. The question now is whether a short-term ascent is possible or not. In recent months, Ethereum (ETH) and the b...

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