Ethereum's recent surge in value shows that the transition to Proof of Stake (PoS) is on track, and the pricing of this important update date is almost certain. Accordingly, Santiment data revealed that 131 new large investors have accumulated a significant amount of Ethereum since May.
Entering a significant recovery process in July, Ethereum rose from an average low of $ 1,045 in the first week of the month to $ 1,450 with a 36 percent increase in value for 3 weeks. A significant part of this increase took place in the last week. Blockchain analysis company Santiment reported on Twitter that in the last 2 months, there has been a 131 increase in crypto wallets holding ETH between $1,000 and $100,000.
Tim Beko, one of the important developers of the Ethereum network, announced at a conference that he plans to merge the Ethereum mainnet with the sidechain on September 19. After the date of the Merge update became clear, it was seen that the increase in the price of Ether accelerated.
The Merge update means that the Ethereum mainnet merges with the Beacon chain, the sidechain where the proof-of-stake consensus mechanism is implemented. After this update, Ethereum will cease to be energy intensive and become an environmentally friendly network. In addition, the overall scalability and efficiency of the network is expected to increase after the update.
Despite the positive mood in the market with Ethereum, some analysts remind that it is necessary to be cautious about the rise. The reason for this is the low volume of the recent upward momentum.
On the other hand, we are under the impression that the upcoming change in Ethereum's production model is causing Ethereum miners to start shifting to other networks. So much so that the price of Ethereum Classic, which is an Ethereum fork, showed a serious increase of close to 50 percent in weekend transactions. Recent data reveals that miners who do not want to take risks have started to switch to cryptocurrencies produced according to the other proof of work (PoW) model. While the hash rate of Ethereum Classic has increased by 41 percent recently, Arweave, which is produced according to another PoW mechanism, has increased by 37 percent in the last week.