The road to the Ethereum groundbreaking upgrade has been fraught with diverse issues. Since the idea generation stage, the developers have put a lot of effort into the project. The journey is getting shorter since the team has reached the Bellatrix upgrade.
Earlier, the Ethereum Foundation had already prepared the community for the upgrade. They shared the date for Bellatrix as September 6 by 11:34;47 am UTC. After this event today, the Merge is expected to launch between September 13 and 15.
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Bellatrix is the last upgrade that will come before the Merge. As the event is to take place today, September 6, expectations and optimism have affected the ETH price. The coin has surpassed the $1500 price mark and climbed above it to $1,665.
ETH Price Movement So Far
September 6 saw the second-largest crypto by market cap soaring above the coveted $1500 price mark. The only event that could have spiked such buying spree is the Bellatrix upgrade. ETH price currently stands at $1,674, showing nearly a 7% increase in 24 hours.
On September 4, ETH’s price remained slightly above $1500 until September 5, when it hit an intraday high of $1,621 and closed at $1617. As the hours drew closer to the Bellatrix upgrade, the market sentiment reversed slightly for the crypto.
Ethereum trading volume increased impressively in 24 hours. Market data shows the figure spiked by more than 65%. Also, the ETH four-hour chart shows increased coin accumulation following the Relative Strength Index approach to the Overbought region. ETH Money Flow Index reached 83 while its uptrend hit 68.
The favorable price moves from Ethereum indicate that the Merge is not totally Priced In, as many analysts believe. As the date of the actual event draws closer, more impact might be felt on the ETH price.
Nodes Preparedness For Bellatrix
According to Ethereum developers, Bellatrix will be followed by the Paris upgrade, the final migration from proof of work to proof of stake. The team had earlier announced that all node operators should update their client before epoch 144896 on the Ethereum Beacon Chain.
Even the Ethereum co-founder Vitalik Buterin has been urging the nodes on Twitter to update their clients. This upgrade is to prepare them to fully operate on the latest version of the Ethereum network emerging after the Merge.
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Based on the developer’s details, the nodes that fail to carry out the upgrade will remain in the old chain with its old rules. Also, the nodes won’t access the post-merge network or send Ether.
But the information from Ethernodes indicates that not all the nodes have upgraded their client. Ethernodes data shows that 72.9% of these network operators are already marked as “Ready,” while 27.1% haven’t done the needful and are not ready yet.
Featured image from Pixabay and chart from TradingView.com
The Ethereum Bellatrix upgrade, which kicks off the final countdown for the much-anticipated Merge upgrade, is now live.
ETH prices shot above $1,678 minutes after the Bellatrix upgrade was activated. At press time, ETH price had, however, dropped to $1,598.80 almost eroding the gains made after the Bellatrix upgrade.
The Bellatrix upgrade has added impetus to the recovering Ether that had previously been struggling amid strong bearish headwinds.
What is the Bellatrix upgrade?
The Merge is a two-step process and the first step is the Bellatrix upgrade that was triggered by an epoch height. The second step is the Paris upgrade that will be triggered by the targeted Terminal Total Difficulty (TTD) of 58750000000000000000000 expected to be reached between September 13th and 15th.
Bellatrix is the last upgrade on Ethereum’s Beacon Chain before the Ethereum blockchain completely shifts from proof-of-work (PoW) to proof-of-stake (Pos). The Beacon Chain went live last year.
Currently, each Ethereum node is represented on two different layers, the main chain which is a proof-of-work layer and the C layer (consensus layer). The Merge is expected to combine these two layers and transition to a PoS-based blockchain.
Bellatrix upgrade will enable validators to start producing updated Beacon Blocks, which will then contain the codebase for the merging of the two layers.