Ethereum is up by almost 50% in 6 days and there are a couple of reasons why that might be the case so let’s find out today in our Ethereum latest news.
Ethereum is going through a huge rally over the past six days as the price increased by 50% over a period of a week. ETH strongly outperformed BTC and it is up by 25% against it over the same timeframe as can be seen in the charts. The move came a month after the cryptocurrency was trading in a fairly narrow range which broke to the upside and the ninth shadow fork also went live which put some of the final steps towards the migration to a PoS network.
It was also designed to test the updates that were made in the Sepolia hard fork that happened in July. It will focus on a maximal extractable value boost feature which refers to the maximum value that can be extracted from the block production in excess of a standard gas fee and block reward.
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Right now, since the network is running on a PoW model, the miners are extracting MEV but once the Merge Happens, it will be validators that can extract the maximal value. Another important update that the community got was the scheduled release of Ethereum 2.0 as the long-awaited event that the industry was looking forward to.
ETH developer and Beacon Chain community health consultant noted that the merge is scheduled to take place on September 19th but a soft schedule is not yet final. The merge timeline is not final but it is nonetheless exciting to see it happening.
As previously reported, The price of ETH exploded in the past few days and reached an intraday high of $1420 which happens a day after the developers confirmed that the merge is on track to happen in September. As per the data from Coinglass, the past hour saw $150 million in liquidated ETH positions and the biggest single liquidation order happened on the FTX exchange while carrying a face value of $2.81 million as Ethereum records monthly high. The majority of the liquidated positions were short. This happened on the back of ETH exploding by 7% in an hourly candle and charted a new high of $1422 on Binance.
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