Ethereum Merge Scheduled For September 15/16, ETH’s Price Skyrockets

Ethereum is moving higher during today’s trading session and appears to be targeting the previous levels around the $2000 mark. The cryptocurrency rises when a “consolidation” is imminent and supports an upward trend throughout the market.

At the time of writing, ETH is trading at $1,900 with a gain of 3% in the last 24 hours and a gain of 17% over the past week. Ethereum is the top performing asset in the top 10 cryptocurrencies by market capitalization with more gains than Solana (14%), Polkadot (16%), and Bitcoin (7%).

ETH price with significant gains on the 4 hour chart. source: ETHUSDT TradingView

Ethereum’s bullish momentum appears set for an extension. In recent calls to ETH core developers, the release of the mainnet “merge” was temporary course From 15 to 16 September in the era of 144896.

The announcement comes on the heels of the successful implementation of “The Merge” on another major Ethereum testnet, Goerli. It’s called the “final rehearsal” for this upcoming big event that will bring together the Ethereum implementation layer and its consensus layer.

In other words, Ethereum will finally complete its transition from Proof of Work consensus to Proof of Stake. This process will provide the blockchain with better performance, much lower transaction fees, scalability, and lower power consumption.

The potential for “merging” to attract new users and capital into the Ethereum ecosystem is one of the reasons why the market is seen as bullish. Data from Indexes of Materials (MI) indicates that almost every class of investor is buying in the current price action of ETH.

This buying pressure is trending upwards and appears to be gaining momentum, over the past 12 hours as news of the tentative date of major network release came out.

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The price of ETH has been bought by almost every class of investors in lower time frames. Source: Material Indicators

More data from materials indices is recording significant demand liquidity above the current levels of ETH price. There are more than $40 million in the sell order stack from $1,920 to $2,000. These commands will act as critical resistance.

What ‘consolidation’ could mean for the price of Ethereum

If Ethereum is able to break above those levels, the order book will post almost no resistance to the upside. Thus, the price of ETH can regain the previously lost area and extend its rally.

However, MI is recording lower buying pressure for the price of ETH on higher time frames than major investors. Over the past couple of months, retail investors seem to be jumping on the Ethereum price action.

Additional data provided by Jarvis Labs coincides with retail investors accumulating ETH. Larger investors need to start accumulating to provide ETH price with an extended trend.

Jarvis Labs Believes That this sustained bullish price may only be triggered if Bitcoin picks up the momentum and follows the upside. The number one cryptocurrency price has also been mainly supported by hashrate, but the research “would like to see a repeat in the fourth quarter of 2020.”

At the time, retail was buying Bitcoin and Ethereum, and in the fourth quarter, whales took the reins and prices managed to hit new highs.

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In the fourth quarter of 2020, whales (red dots on the chart) took over hashes (green dots) and pushed the price of bitcoin to new highs, will history repeat? Source: Jarvis Labs via Twitter

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