Merge Upgrade Happened
The Ethereum update, which has been expected for months, was completed today in the morning. According to Ethernodes, about 89% of clients on the Ethereum network are ready for Merge, with Go-Ethereum 88%, Erigon 93%, Besu 100%, and Nethermind 92% ready. In addition, the Ethereum Foundation announced that the Kiln, Ropsten, and Rinkeby testnets were also deprecated. Users and developers have been requested to migrate to Goerli or Sepolia testnets as these testnets will be shut down.
First Statement From Buterin
Immediately after the successful completion of the Merge update, Ethereum founder Vitalik Buterin shared his happiness on Twitter. Vitalik Buterin shared: “And we’re done! Happy reunions. This is a big moment for the Ethereum ecosystem. Everyone who helped make unification happen should be proud today.” He used his expressions.
Ethereum Gas Fees Increase
Merge update took place Ethereum completed the transition from Proof of Work algorithm to Proof Of Stake algorithm and the rate of energy consumed by Ethereum decreased by 99.4%. But with Ethereum’s Merge update, gas fees started to increase. So why did gas fees increase, wouldn’t Ethereum’s transition to the Proof of Stake algorithm reduce gas fees? When we look at the Merge upgrade, we see that unfortunately there is no item that aims to reduce gas prices. This update was simply an upgrade that activated Ethereum’s transition to the Proof of Stake algorithm. Currently, there has been an increase in gas fees due to the increase in transactions on the network, but these fees will continue to decrease or increase from time to time depending on the rate of transactions in the coming days.
Ethereum Price Predictions
Crypto phenomenon Park Davis made a statement about what the price will be after the Ethereum Merge update. While Davis basically said that he believed the Merge update would trigger a surge, he said it would take some time for this success to take effect. Another crypto phenomenon, Quinten Francois, stated that immediately after the Merge update, there will be a drop in the leading altcoin. But apart from these phenomena, many crypto phenomena have also started buying more Ethereum and tweeting about their purchases. As Ethereum proof-of-stake becomes a network after Merge, this is expected to lead to a drop in the supply of the coin and the price to move upwards in the coming days. Another name that expressed his opinion on the Ethereum price after the merge was Arthur Hayes, the former CEO of BitMEX. Hayes shared his price expectation for Ethereum in a Youtube broadcast he attended. Emphasizing that Merge is a unique event, Hayes said that with this development, Ethereum will diverge positively and Ethereum can reach the level of $ 3 thousand by the end of the year.
As you can see, there are phenomena that think that there will be a decrease in the Ethereum network, but the general opinion is that there will be an increase in the price of Etheruem. As it is too early to comment yet, the update took place in the morning hours of today. In the following process, everything is on track, then what will happen, we will see together what levels the Ethereum price will see.
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