As we fast approach the Ethereum merge date, the latest Ethereum news today remains focused on the near-future of ETH.
With the Ethereum 2.0 release date closer than ever, ETH holders are awaiting the upcoming blockchain upgrade that will see the switch over from Ethereum mining to Ethereum staking.
Let's take a look at the latest Ethereum stories today and their current price trajectory.
Latest Ethereum News Today
The latest Ethereum news today sees talk of an Ethereum 'Triple Halvening' happening after the Merge.
Ethereum engineer Montana Wong said there would be a "exponential reduction in issuance rate" after the Merge, from 15,000 ETH per day to 1500 ETH.
Alongside this, Ethereum will continue to have a high burn rate after the EIP-1559 update from 2021.
Finally, due to the current state of Ethereum staking, that means users cannot withdraw their staked ETH until at least 6 months after the Merge date, the amount of ETH circulating is down about 10% of the supply.
Another event and term being thrown around regarding Ethereum is the Flippening.
According to a Bloomberg report, Arca's Bodhi Pinkner believes that it's quite possible that the soaring ETH merge price may trigger the Flippening, an event where the price of Ethereum overpowers the price of Bitcoin, which is the largest cryptocurrency by market cap.
Many continue to predict that Ethereum's widely anticipated merge event is a golden chance for the blockchain to flip Bitcoin for good. However, this remains pure speculation on their part, and should not be interpreted or used as financial advice.
Elsewhere, lead Ethereum developer Tim Beiko has also confirmed a new date for the Goerli testnet merge. This will be the last testnet merge the network is expected to undergo before deployment of the final merge. The Goerli testnet merge will be completed between August 6-12.
Latest Ethereum Updates
Alongside this latest Ethereum news, more information continues to come out about the impact the Ethereum merge will have.
Co-founder Vitalik Buterin has given several thoughts about the future of the blockchain, noting this transition to PoS is merely 50% of the entire Ethereum Roadmap.
Future upgrades, mainly staking, for example, will see Ethereum reach up to 100,000 TPS. Ethereum gas fees after the merge will likely remain similar, for it is this sharding upgrade that could help here.
Along with that, Ethereum classic has been performing extremely well as of late, soaring 40% higher at $36. The increased interest of the users in ETC can be attributed to the fact that Ethereum will soon be transitioning to PoS consensus which is fueling the prices of ETC alongside ETH.
According to the data from Watch The Burn, 1,677 ETH ($2,876,863) has been burned in the last 24 hours.
Overall, the total Ethereum burn is 2,576,420 ETH, now worth $4,420,699,174. Of course, this total ETH burn will likely be worth more given the previous prices of Ethereum in late 2021.
Data from top NFT marketplace OpenSea suggests that Ethereum NFTs have somewhat afloat during the ongoing bear market.
Ethereum NFTs have maintained a steady sale volume, selling 1.61 million NFTs during July. It also recorded a total sales volume of more than $495 million in July.
New NFT projects on Ethereum continue to launch, although alternative blockchains are gaining prominence as a different option for minting.
Latest Ethereum Price
According to the latest data from CoinGecko, the looming merge date is having a positive impact on the Ethereum price.
At press time, ETH is sitting at $1,706 with a $205 billion market cap, down 3.7% in 24 hours with a trading volume of $18,641,636,031.
However, ETH is up 40.2% in the past 30 days, although it is down 65% from its November 2021 high.