Why is Ethereum going up today: ETH price explained

Are you perplexed and thinking about why all of a sudden Ethereum is going up today?

In the latest Ethereum news today, ETH is rallying ahead of its highly anticipated Ethereum merge event. This is set to transition Ethereum from its former version of 1.0 to Ethereum 2.0.

The transition will shift the blockchain from proof-of-work to proof-of-stake, helping Ethereum cut its energy consumption via Ethereum staking. Here's what the latest price analytics of Ethereum is at the moment.

Why is Ethereum going up today?

Ethereum is responding positively to the news of its upcoming merge, which is helping its prices to rally, despite the ongoing bearish momentum outside of crypto and beyond.

The post Ethereum merge price remains under immense speculation as holders hope to see a drastic price rise. However, this is never guaranteed. The Ethereum Triple Halving event is one explanation for this speculation, expected to make ETH scarcer.

Other than the usual merge update, the blockchain underwent its final Goerli update, which is a primary reason why ETH is rallying today.

The Goerli update was the final update scheduled before its ultimate transition to proof-of-stake transition. Goerli joins its precursors Ropsten and Sepolia updates, setting the stage for the merge to be executed without any obstacles.

Other than that, leading cryptocurrencies have responded positively to the released CPI data that indicates signs of declining inflation.

The CPI data news has compelled investors to explore the market with boosted confidence, in turn helping multiple cryptos to gain their former price momentum.

After the Bellatrix upgrade deployment, the price of Ethereum is up again sitting at $1,634, up 7.95% in the last 24 hours. The usual market volatility will keep affecting the prices of ETH, however, it's expected that the merge mania and hype will keep the ETH price momentum up and stable for a while, although grave market factors can still impact its price ascent.

• Read More: Ethereum Gas Prices After The Merge: ETH Holders Hoping To See Gas Prices Fall With Merge

Current Ethereum Price

At press time, Ethereum is up 8% sitting at $1,634 with a 24-hour trading volume of $18 billion. Ethereum currently possesses a market cap of about $199 billion.

Ethereum has noted a consistent ascent in its prices over the past 7 days. It documented a surge from $1,619 on August 4 to over $1900 on August 11.

This recovery comes after Ethereum dropped below $1000 in July 2022. However, it still remains some 60% down from its November high of $4878.