- Nearly 100,000 Ether was staked in a single day ahead of the Merge, the highly anticipated transition to proof-of-stake.
- The Ethereum blockchain hit a new milestone, surpassing 1.7 billion transactions.
- Ethereum eyes a bullish target of $3,300, analysts predict a rally in the altcoin.
Ethereum Merge is scheduled for September 13, as the event draws close the altcoin has hit a new milestone. Analysts are bullish on Ethereum and predict a rally in the altcoin, ahead of the key event.
Ethereum hits key milestone ahead of the Merge
Ethereum’s Merge is one of the most highly anticipated events in the history of cryptocurrencies. The altcoin is prepared to transition from a proof-of-work consensus mechanism to proof-of-stake.
The Ethereum blockchain hit a key milestone today, as it completed 1.7 billion transactions. This is a watershed moment for ETH holders, as it marks the rising utility of Ethereum. Ethereum holders are preparing for the ETH PoW token airdrop with the upcoming Merge on September 13.
How to claim your ETH PoW tokens
Bobby Ong, Co-founder of CoinGecko recently shared how to claim ETH PoW tokens, in his tweet. Ong described the seven steps that ETH holders should follow to take advantage of the Merge.
Ethereum’s upgrade is a transition from proof-of-work to proof-of-stake and post this event, Ethereum miners can no longer mine. Therefore forking ETH and holding on to PoW tokens is the only way to continue mining the altcoin.
To receive the ETH PoW tokens, traders need to first hold ETH in a wallet that supports the fork. If traders hold ETH in a hardware wallet they have full custody of it. If they hold it in an exchange wallet, they may or may not receive the forked tokens.
Exchanges like BitMEX and Poloniex have thrown their weight behind the Ethereum PoW fork and these platforms support trading as well. Therefore, Ong believes it is key to check exchange policy ahead of the upcoming Merge.
Traders holding Ethereum on Optimism, Arbitrum, Polygon, Avalanche or other layer-2 scaling solutions will not receive any PoW token in exchange for it. Therefore, it is key to move ETH back to the mainnet before the Merge. Similarly, Ethereum tokens used to provide liquidity are not eligible for an airdrop unless they are bridged to the mainnet.
Analysts predict Ethereum price rally to $3,300
IAmCryptoWolf, a pseudonymous crypto analyst, evaluated the Ethereum price chart and noted that the altcoin is currently in the accumulation phase. The analyst has set two bullish targets for Ethereum, $2,500 and $3,300. A decline below the $1,400 level is considered an invalidation of the uptrend.
ETH-USD price chart