Ethereum Price Soars, Merge Happening in September After Successful Goerli Test

LAGOS (CoinChapter.com) — Ethereum testnet Goerli has successfully transitioned from a proof-of-work (PoW) consensus to proof-of-stake (PoS), representing the third and final step before the long-anticipated Merge.

In detail, Goerli transitioned to PoW at around 1:45 UTC on Thursday when Terminal Total Difficulty (TTD) breached 10,790,000. Notably, Ethereum developers merged Goerli’s code with its PoS-based fork called Prater for the successful migration.

Lead Ethereum developer Tim Beiko via his Twitter account announced the successful change to PoS.

Furthermore, the migration involved node operators from both chains updating their client software in tandem. However, the actual success of the Goerli merge will be determined after a thorough evaluation of the upgraded network.

It is worth noting that Goerli’s successful transition comes after the migration of two other testnets: Sepolia and Ropsten. Notably, these test-merge events serve as practice sessions to check whether client software used to run Ethereum nodes operates normally.

Additionally, following the successful transition, the next step will be to perform the full merge on the Ethereum mainnet. Many expect the final move to a PoS consensus method to occur sometime towards the end of September.

ETH Price Surge 11% Following Goerli Shift To PoS

Meanwhile, Ethereum Goerli’s switch to proof-of-stake had a positive impact on the price of Ethereum token (ETH) as the coin surged by 11% on the day.

Data from Coingecko disclosed that ETH price finally broke through the $1,800 level to register gains of more than 70% in the last 30 days. The token at the time of publication was trading at $1,908 and is projected to reclaim the $2,000 mark.

Ethereum’s market cap also rose to a weekly high of $231.5 billion, adding almost $40 billion in the last 7 days. The token currently has a 24-hour trading volume of $22.8 billion with a circulating supply of 120 million ETH coins and a total supply of 120 million.

Additionally, some analysts have predicted the formation of two Ethereum coins once the merge occurs. According to BitMEX, the merge will lead to the formation of an ETH2 coin and an ETHPoW coin. However, they admitted that the ETHPoW coin may have technical issues and long-term viability concerns.