The Ethereum network successfully merged to become proof-of-stake on its Ropsten testnet on June 8, but the news has had little effect so far on the price of ETH. The Ethereum price was marginally unchanged at the time of publication, trading at $1,810 at the time of publication.
? #Ethereum's top 10 non-exchange vs. exchange addresses are maintaining a high ratio of $ETH owned over the top 10 non-exchange whales. With a tremendous 3.4x more coins held, there still appears to be a belief that prices can stabilize. https://t.co/sjd56it6eI pic.twitter.com/JM1jR0a2vw— Santiment (@santimentfeed) June 9, 2022
Traders anticipate that the Ethereum price might soon stabilize since non-exchange addresses vs. exchange addresses own approximately 3.4 times more ETH.
Ethereum tested the support at $1,725 on June 7 after reaching highs of $1918 the earlier day. The price is currently constricted between the downsloping daily MA 50 and $1,700.
This might lead to a range expansion, which could pave the way for the next directional move. If buyers push the price above the $1,918 high, Ethereum may face the next significant barrier at $2,261, where the bears may mount a strong defense. If the price falls below it, the pair may stay inside the current range for a while.
A break over $2,261 could signal the start of a bottoming process, while a break below $1,700 could mark the start of a new downturn.
Ethereum's Ropsten merge successfully launches
Ethereum passed a key test ahead of the much-anticipated proof-of-stake transition. According to Ethereum developers, the Ropsten testnet has successfully merged.
The merge is coming.— IntoTheBlock (@intotheblock) June 9, 2022
The #Ethereum community has successfully completed the merge to the Ropsten testnet.
And as the mainnet approaches, there's currently 12.81m $ETH staked, representing 10.78% of the circulating supply with a current value of $23b.https://t.co/UMGpNAVZ4F pic.twitter.com/f4GXkDaTro
According to Ethereum core engineer Tim Beiko, the first post-Merge block of transactions was completed at about 12 p.m New York time, indicating that the Merge on the testnet was complete.
"The network is stable, but there are some minor (known + expected) issues we are looking into," Beiko said in a message. "Overall, though, things are looking good."