Many issues have impeded the progress of Ethereum’s revolutionary upgrade. Developers have been putting a lot into this project since its inception. With the Bellatrix upgrade completed, the journey seems shorter.
The Ethereum Foundation already had prepared the community to upgrade earlier. The date of Bellatrix was shared by the two organizations as September 6, at 11:34.47 UTC. The Merge should launch between September 13-15 after today’s events.
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Bellatrix, the last upgrade to be made before the Merge, is Bellatrix. The Merge will take place on September 6th. Expectations and optimism are affecting the ETH prices. It has now surpassed $1500 and is at $1,665.Source: ETHUSD price chart via TradingView.com
ETH Price Movement so Far
The 6th of September was the The second largest cryptoBy the market cap rising above the $1500 mark. Only the Bellatrix upgrade could have triggered such a buying frenzy. ETH currently trades at $1,674, a nearly 7% increase over the previous 24 hours.
On September 4, ETH’s price remained slightly above $1500 until September 5, when it hit an intraday high of $1,621 and closed at $1617. With the Bellatrix upgrade approaching, market sentiment slightly changed for the crypto.
The Ethereum trading volume grew dramatically in just 24 hours. The market data indicates that the amount increased by more than 65% in just 24 hours. Also, the ETH Four-hour Chart shows increased coin accumulation due to the Relative Strength Index approach. ETH Money Flow Index was at 83, while its uptrend reached 68.
According to many analysts, the favorable price movements of Ethereum suggest that the Merge may not be fully priced in. The actual date for the Merge is closer and could have a greater impact on the ETH market.
Nodes Preparedness For Bellatrix
According to Ethereum developers Bellatrix is being followed by Paris upgrade. This will allow for the final migration form proof of works to proofof stake. The Ethereum Beacon Chain team previously announced that every node operator should upgrade their client by epoch 140966.
Vitalik Buterin (the Ethereum co-founder) has been encouraging the nodes of Twitter to upgrade their clients. This is so they can fully function on the Ethereum network’s latest version after the Merge.
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Based on the developer’s details, the nodes that fail to carry out the upgrade will remain in the old chain with its old rules. Also, the nodes won’t access the post-merge network or send Ether.
However, Ethernodes’ information indicates that not every node has upgraded its client. Ethernodes data shows that 72.9% of these network operators are already marked as “Ready,” while 27.1% haven’t done the needful and are not ready yet.
Featured image by Pixabay, chart from TradingView.com