Crypto enthusiasts finally have reason to cheer today. It seems as though market conditions are on their way back to normal. Helping to spur this bullish crawl upward is the Ethereum (ETH-USD) network. The Merge upgrade has been raved about for well over a year and panned for falling through on scheduling multiple times. This week, the final piece of the puzzle priming this upgrade is falling into place. With the upgrade actually looking like a close future for the network, it is helping to push ETH crypto prices back up near pre-crypto crash levels.
Ethereum is setting the stage for the biggest upgrade in the history of crypto, and it’s doing so at a time when the whole investing world is watching. Over the last two years, more people than ever before became exposed to cryptocurrency. The dramatic rise in both ETH crypto and Bitcoin (BTC-USD) prices helped to drive the crypto market north of $2 trillion in value.
Now, the can of worms is open — investors aren’t losing interest in the market in the wake of its crash, but rather keeping a microscope over it and watching how things unfold in this nascent, largely-unregulated industry.
Being the largest layer-1 network, Ethereum’s Merge makes for the biggest storyline weft through this period of growing scrutiny and household interest. Promising to transition the network from proof-of-work to proof-of-stake, the world will see firsthand the answer to the energy debate: is crypto mining as energy consumptive as some say it is? Well, that answer might finally be upon us. After a long and winding road, the stage is set for the Merge to finally unfold.
Ethereum Developers Launch Final Test Network Upgrade for Merge
Ethereum developers are closing in on the Merge after putting the upgrade off a multitude of times. With this news making the upgrade seem more real than ever, ETH-USD crypto prices are seeing a continued rebound that threatens to take to coin out of its crypto crash-inflicted ditch.
Since being announced in late 2020, the Merge has been delayed a whopping six times. The most recent delay led to the newest launch window of late September. And luckily for investors, this one seems like the real deal. Today, the network is rolling out its final test upgrade to ensure a smooth transition for the real thing.
Called the Goerli upgrade, this most recent test launch is the third and final “dress rehearsal” for the real Merge. Developers will be monitoring the test network on which Goerli launched for any final bugs that will need addressing before the main network switches over.
The ETH crypto is faring quite well in the wake of this news, rising 4%. This puts the price of ETH-USD at just over $1,900. It’s worth noting that this is around the coin’s value right as the crypto market crashed in mid-May. From there, it can begin the long and lofty climb back up to the $3,700 price it began the year with.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.