As the Ethereum Merge date draws closer with each passing day, users are collectively witnessing its impact on the overall crypto market by tracking the Ethereum Merge price.
However, it's not only the prices that garnering interest. Users are also wondering if Eth 2.0 may lower Ethereum's gas fee prices after the merge. Here's the latest.
Ethereum merge price
The price of Ethereum is on a rise, which several crypto critics are referring to as the Merge Surge phenomenon.
The excitement around the new merge date is working its way, impacting the prices of Ethereum positively. According to CoinGecko, Ethereum is now trading at $1,865 down 1.9% in the last 24 hours. However ETH is also up 30% in the last month. In contrast, Bitcoin is up 18% in the last month.
A period of massive crypto crashes saw Ethereum drop from $3500 in April to under $1000 in June, before recovering. The confirmation of the merge date for Ethereum may have reversed this bearish crypto sentiment for ETH.
The Merge is one of the biggest crypto events of the year, where Ethereum will adopt a proof-of-stake consensus. This will remove the need for Ethereum mining, and instead see a full switch to Ethereum staking.
Ethereum price after the merge
While we won't speculate on Ethereum's price after the Merge - particularly as it is still over one month away - crypto analysts, holders, and enthusiasts are avidly awaiting the first prices of ETH in the post-Merge period.
Vitalik Buterin, co-founder of Ethereum, said in a Bankless interview that he believes the Merge is "not priced in" yet. However, both Buterin and Ethereum have tempered expectations about the Merge's impact on gas fees and transactions. These changes will come with sharding, where Buterin said Ethereum will be able to process 100,000 transactions per second.
As with several Ethereum upgrades, more crypto analysts have come out touting the potential of the 'Flippening' - a fabled event whereby Ethereum overtakes the Bitcoin market cap.
With the Merge not too far away, it won't be long until we find out the first Ethereum Merge price. Planet Crypto will keep you updated on the latest, alongside the Cardano Vasil Hard Fork and Mt Gox Bitcoin date.
However, the wild anticipation of the upcoming merge comes in sync with growing panic among miners that have affected the price of ETH to a certain extent.
According to Evgeny Gaevoy of Wintermute, there are several risks involved with ETH's transition to PoS consensus.
He, later on, tweeted how even though people have been working on the merge for years, there can be few instances where it doesn't work out as one has expected it to, which will pose a threat to Ethereum's ecosystem as a whole.