The price of Ethereum increased by almost 50% in 6 days, here are some possible reasons:

Ethereum is going through huge momentum over the past 6 days with its price increasing by 50% during this period.

The price of Ethereum has also strongly outperformed Bitcoin, and the price of Ethereum has increased by 25% against Bitcoin over the same period, as shown in the chart below:

This rally comes after nearly a month of cryptocurrency trading within a fairly narrow range.

Compiling Ethereum and waiting for the update:

A follower of the Arab Bitcoin website finds that we talked about the approaching upgrade of Ethereum, which has been officially scheduled for next September.

Read:The total market capitalization of the cryptocurrency market reaches a new record, and Bitcoin reaches 34 thousand dollars

Which means putting in some final testing steps for switching to a Proof of Stake (POS) network.

Determining the date of the upgrade can be said to be the main catalyst for the rise in the price of Ethereum.

Currently, since the network operates on a Proof of Work mechanism, miners benefit from the rewards that the network gives, but once the upgrade and merger takes place and Ethereum turns into quota, they will inevitably switch to other Proof of Work networks such as Ethereum Classic, Bitcoin and Bitcoin Cash…

As for the expected date of the Ethereum 2.0 upgrade, it is not yet known if it is a deadline or if it will be postponed.

Read:Bitcoin rebounds to the $20,000 level and Ethereum is back to the $1,000 level

The Ethereum developer told “Superphiz” on Twitter that the upgrade is scheduled for September 19 under a timeline, noting that it is not a deadline.

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Ethereum is testing the $1,500 level, and Bitcoin is hitting a new monthly high

Why did Ethereum Classic (ETC) soar 30% after announcing the approaching Ethereum 2.0 upgrade?