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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum To Delayed Merge?, ETH Price Plunges Below $1,700

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
ethereum

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Ethereum has broken below $1,700 since July 2021. At that time, ETH’s price was reacting to the downside due to an increase in selling pressure across the crypto market.

Related Reading | TA: Ethereum Holds Key Support, Why ETH Must Clear This Hurdle

This time, Ethereum seems to be reacting to poor macro-economic conditions, and a potential delay in its most important milestone in recent history: The Merge. The event that will complete ETH’s transition to a Proof-of-Stake (PoS) blockchain.

At the time of writing, Ethereum (ETH) trades at $1,680 with a 6% and 8% loss in the last 24-hours and 7-days, respectively. ETH is one of the worst performers in the top 10 by market cap followed by Solana (SOL), Dogecoin (DOGE), and XRP.

Ethereum ETH ETHUSD Merge
ETH with minor losses on the 4-hour chart. Source: ETHUSD Tradingview

The Ethereum network recently saw the successful deployment of “The Merge” on its oldest testnet, Ropsten. This was celebrated by the community with many claiming a mainnet launch could be possible by August or September this year.

“The Merge” implementation on Ropsten saw some difficulties, but ETH core developer Tim Beiko claimed they were addressed and “all fixed”.

The Difficulty Bomb is part of the mechanism that will enable Ethereum to migrate to a PoS consensus. This mechanism will progressively increase mining difficulty and prevent these actors to support a second ETH based on Proof-of-Work (PoW).

As Beiko explained, the Difficulty Bomb is already having an impact on the network:

The bomb is being felt on the network, and, in true bomb fashion, it appeared quicker than predicted Block times are ~14s and the Arrow Glacier EIP (authored by yours truly) predicted “a ~0.1 second delay to block time by June 2022 and a ~0.5 second delay by July 2022.

ETH core developers agreed on delaying this mechanism for at least 2 months. This will provide them with more time to work on the migration to a PoS consensus.

What A Difficulty Bomb Delayed Means For Ethereum

However, ETH core developers seem to disagree on what delaying the Difficulty Bomb implies for Ethereum. Ben Edgington, Lead Product Manager for Teku, an Eth2 client developed by ConsenSys, announced the following:

(…) we will push back the Ethereum difficulty bomb. We say it won’t delay the Merge. I sincerely hope not. Every extra week on PoW generates close to 1 Million tonnes of CO2 emissions.

Edgington believes developers should agree on a Merge mainnet target. In that way, clients and the ETH community can “prepare”.

In that sense, Beiko replied that the event is still expected to take place at some point from August to November this year. He believes only a “catastrophic event” could delay “The Merge” this year.

Beiko concluded the following on setting a specific date for “The Merge”:

I guess my view is that having an explicit target, at this point, basically wouldn’t change the speed of output from client teams, at least on the EL (Execution Layer). We have many implicit ones (devcon, bomb) as well as intrinsic motivation.

Related Reading | Bitcoin Spot To Derivatives Flow Forms Historical Bullish Pattern

Despite the progress on this important ETH event, the market is already soft, and any potential signs of weakness could contribute to an increase in selling pressure.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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