ETH Price Spikes By Almost 7% Amidst Ethereum Bellatrix Upgrade
September 06 2022 - 6:34PM
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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. Related Reading: MANA Seen Rising 11% As Buyers Make A
Recovery Attempt 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. Related Reading: Ethereum Carries Bitcoin Price Up,
Will “The Merge” Live to Expectations? 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
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