Ethereum price breaks $2,000 for the first time since May

Ethereum price breaks $2,000 for the first time since May

Ethereum price exceeded $2,000 mark for the first time since May

The quotes of the second largest cryptocurrency by capitalization have overcome the $2,000 level. Ethereum last traded near this mark at the end of May 2022.

Ethereum breaks $2,000 for the first time since May

ETH/USDT hourly chart on Binance. Data: Trading View.

According to CoinGecko, the asset has risen in price by almost 7% over the past day, by 17% over the week.

On August 11, the Ethereum team successfully completed the transition of the Goerli testnet to the Proof-of-Stake (PoS) consensus algorithm. On the same day, the developers postponed the activation of The Merge update to approximately September 15-16.

Amid positive news, the price of Ethereum soared above $1900.

The Merge: what to expect from Ethereum's biggest update

Ethereum capitalization has exceeded $242 billion. Bitcoin is trading at $24,800.

Recall that supporters of an Ethereum fork based on the Proof-of-Work (PoW) consensus algorithm called it inevitable. They intend to cancel EIP-1559 on burning part of the transaction fees.

CoinShares experts were skeptical about the prospects of a potential Ethereum PoW fork. Vitalik Buterin, the co-founder of the second largest cryptocurrency by capitalization, said that the issuers of stablecoins will determine the future of such projects.

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