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Ethereum Rises To 11-Week Highs As Final Merge Testnet Goes Live

  • The testnet merge has been scheduled for Sept 19 and will mark Ethereum’s official transition to proof-of-stake.
  • The event has triggered high levels of optimism among ETH traders.

The second largest cryptocurrency by market cap, Ethereum ETH/USD, breached $1,900 Thursday as its last remaining testnet before the Merge went live.

ETH surged 9% to a two-month high of $1,927, according to  Benzinga Pro data. The crypto asset’s price action followed the successful merge of the Goerli testnet on the blockchain.

Ethereum has been working to shift to a new model for securing the network called proof of stake, which has now gone live. Rather than relying on energy-intensive mining, the new method requires users to leverage their existing cache of ether as a means to verify transactions and mint tokens. It uses far less power and is expected to translate into faster transactions.

At approximately 9:45 p.m. ET Wednesday. Goerli completed a successful transition to proof-of-stake after the network’s total block difficulty crossed 10,079,000. 

“This is the most significant test merge to date as it’s the very last testnet merge before mainnet and the longest running beacon chain testnet to date,” wrote Ethereum core developer Preston Van Loon on Twitter.

“After Goerli, we merge the Ethereum Main network. Years of work finally activated.”

The Merge has been scheduled for Sept 19 and will mark Ethereum’s official transition to proof-of-stake. The event has triggered high levels of optimism among ETH traders, evidenced by the ETH long/short ratio across multiple exchanges and high levels of open interest.

Ethereum is demonstrating string price action today, up 3.7% as of 2:00pm EST, August 11, 2022

Data from CoinGlass shows that a total of $111 million in shorts were liquidated over a 12-hour period on Thursday, compared with just $55 million liquidated longs.

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TDR Comment: The price of Ether, the token native to the ethereum blockchain, has seen a broad-based bullish impulse in recent time, rising nearly 80% over the past month. However inline with weakness is broad risk assets, the price is still down nearly half this year.

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This article was originally published on Benzinga and appears here with permission.

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