Ethereum is Now PoS Blockchain: Nothing Changed, But Switched Everything!

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Ethereum Merge Finally Accomplished!

The Ethereum platform underwent a historical transition from a consensus mechanism to other without halting the live chain or causing any harm to it. After multiple testnet launches and upgrades, the ETH 2.0 Beacon Chain which went live back in December 2020 has now taken over the ETH Mainnet now!

Since its inception, the Beacon chain has been running parallel to the Ethereum Mainnet without executing any transitions till now. However, the ETH developers have set the Total Terminal Difficulty(TTD) at 58,750,000,000,000,000,000,000, hitting which the Proof-of-Stake was activated on the live Ethereum Mainnet. 

With the Merge, the energy consumption of the chain is expected to reduce by more than 99% as the GPU miners have halted their work. 

ETH & BTC Price Remained Flat!

Ethereum price has coiled up with the announcement of the Merger date, a couple of weeks ago. The prices hit close to $1800 from the lows below $1500, pointing toward the positive market sentiments ahead of the Merger. The price of ETH moved less than a percent to hit $1605 in the first few minutes of the Merger but remained flat for a while.

The ETH price continues to swing within a symmetrical triangle and is expected to rebound from the lower support in a short while from now. With a rebound, the token may rebound and rise close to $2000 by the end of the month which could be followed by a rejection within the triangle. Therefore, after reaching the apex the Ethereum price may break out of the triangle and surge high.