Ethereum Taps $1,500 Mark Following Positive Reaction to Merge Launch Date
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The recent bullish performance comes after some good news from the Ethereum camp on the upcoming Merge upgrade. Last Friday, Ethereum’s ninth shadow fork went live, thereby conducting some final tests ahead of the network’s switch from a Proof-of-Work (PoW) to Proof-of-Stake (PoS) network.
The shadow form tested the updates made in the July 6 Sepolia hard fork and will focus on a maximal extractable value (MEV) boost feature. MEV refers to “the maximum value that can be extracted from block production in excess of the standard gas fees and the block reward.”
At the moment, PoW miners are tasked with extracting MEV. However, after the Merge, validators will be in charge of extracting the maximum value.
That said, the highly-anticipated Merge upgrade is expected to come next. ETH developer and Beacon Chain “community health consultant” Superphiz tweeted last week that the Merge should go live on September 19, although noting the set date is subject to change.
Key Ethereum Levels to Watch — July 18
ETH has enjoyed a steady bullish recovery over the past few days after ETH developer Superphiz confirmed a possible launch date for the Merge network upgrade. The second-largest cryptocurrency tapped the $1,500 mark for the first time since early June, after a prolonged consolidation between $1,265 and $1,000.
The cryptocurrency has acquired a clear-cut trendline, guiding it toward previous highs. That said, a correction from the current level will likely be stalled by the trendline around the $1,400 level. More bullish moves are likely in the coming days barring any damaging macroeconomic development.
Meanwhile, my resistance levels are $1,500, $1,600, and $1,700, and my support levels are $1,400, $1,300, and $1,265.
Total Market Capitalization: $1.01 trillion
Ethereum Market Capitalization: $178.9 billion
Ethereum Dominance: 17.7%
Market Rank: #2
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