Traders flinch after Ethereum price rejects at $2,000
Cointelegraph
Published Aug 15, 2022 06:15PM ET
Updated Aug 16, 2022 08:20PM ET
Ether (ETH) rejected the $2,000 resistance on Aug. 14, but the solid 82.8% gain since the rising wedge formation started on July 13 certainly seems like a victory for the bull market. Undoubtedly, the “ultrasound money” dream gets closer as the network expects the Merge transaction to a proof-of-stake (PoS) consensus network on Sept. 16.
Some critics point out that the transition out of proof-of-work (PoW) mining has been delayed for years and that the Merge itself does not address the scalability issue. The network’s migration to parallel processing, also known as sharding, is expected to happen later in 2023 or early 2024.
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Written By: Cointelegraph
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