Ethereum network will undergo an important Bellatrix update, which is the only milestone left ahead of the Merge update. That is why users should not ignore the warning issued by Vitalik Buterin and other Ethereum developers about updating clients.
The warning mostly applies to Ethereum validators rather than regular users. If you are staking Ether on the Beacon chain, you should immediately update your client, since you will not be able to participate in staking on the outdated version.
TO ALL ETHEREUM STAKERS:— Evan Van Ness 🦇🔊 (@evan_van_ness) September 2, 2022
You *MUST* update your clients BEFORE September 6 when the Bellatrix upgrade to the Beacon Chain occurs
You also need to run an EL client (Beau, Erigon, Geth, Nethermind) before the Merge TTD on Sept 14th!
Bellatrix will be activated at Beacon Chain epoch 144896, which will appear on the chain at 11:34:47 a.m. UTC. The Merge update will still go live on approximately Sept. 13, and the Beacon chain update does not affect the expected date.
If node operators do not run execution and consensus layer clients on newer releases, they will lose their place on the network and will not be eligible for a transition. Validators should also avoid running a majority client.
Ethereum is still offering developers and white hat hackers a significant bounty for finding some critical bugs that directly affect the network's stability and security.
Ethereum is not yet reacting to update
Although the network is extremely close to the Merge update, ETH itself does not seem to show any reaction to the market. The price of the second biggest cryptocurrency is mostly following market trends.
But at the same time, Ethereum was able to successfully bounce off the local support level and even broke through the local resistance level of the 50-day moving average. Most industry experts believe the market is going to see a short-term rally ahead of the Merge and a mild correction after it.