Node operators must upgrade their clients in preparation for a September 6 upgrade on the Beacon chain before The Merge.
Ethereum founder Vitalik Buterin took to Twitter earlier today to remind node operators to upgrade their clients now, noting that while The Merge is scheduled to go live from September 10 to September 20, clients have to be upgraded for the September 6 upgrade on the Beacon chain.
 “Reminder: even though the merge is coming around Sep 10-20, the beacon chain hard fork is on Sep 6. Make sure to update your clients before then!” Buterin wrote.
Reminder: even though the merge is coming around Sep 10-20, the beacon chain hard fork is on Sep 6. Make sure to update your clients before then! https://t.co/x8GQCbtNNk
— vitalik.eth (@VitalikButerin) August 30, 2022
Last Wednesday, The Crypto Basic reported that the Ethereum team had disclosed that The Merge would happen in two phases. The first phase is the Bellatrix upgrade to be carried out at epoch 144896 on Ethereum’s proof-of-stake (PoS) Beacon chain. The second is the Paris Upgrade which will trigger The Merge after a Terminal Total Difficulty level of 58750000000000000000000 has been achieved.
The Merge is an Ethereum upgrade that will see the network migrate from the proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS). The move will drastically reduce the network’s carbon footprint while also altering its supply and demand dynamics, making it deflationary.
Investor Outlook
However, as recently reported by Bloomberg, Ethereum investors appear to have a divided outlook on the outcome of The Merge. The piece reveals that most retail traders expect a price correction in the asset following The Merge. Consequently, retail traders on several platforms are selling. However, institutional investors are accumulating, taking advantage of the opportunity to pick up the asset at lower prices.
Meanwhile, Crypto analyst CryptoWhale in a recent newsletter, says he expects The Merge to backfire. The analyst notes that The Merge fails to fix several issues associated with the Ethereum network. In addition, CryptoWhale says that the overarching macroeconomic outlook, combined with the perceived bearishness of whales, does not bode well for the asset’s price, adding that he expects to see it go below the $300 price point.
On the other hand, controversial BitMex founder Arthur Hayes has noted that he expects The Merge to eventually push the price of Ethereum up to the $5,000 price point. According to Hayes, it is unlikely that Ethereum holders will “sell the news” as Ethereum becomes deflationary post-Merge in what Lark Davis has described as the Ethereum triple halving.
Ethereum is trading at the $1,579.60 price point, up 8.75% in the last 24 hours. The asset has rallied in recent months as speculation around The Merge heightened. However, in recent weeks, macroeconomic concerns and the possibility of a post-Merge price correction have led to price slumps.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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