Ethereum trades between the upper blue and red bands in its bullish area. One influence is the decline in the USD. However, another positive is that the blockchain network is due for an imminent upgrade. Goerlie, one of the blockchain's largest test networks, switched to proof-of-stake (POS) processing from proof-of-work (POW).
The market is watching because POW is energy-intensive, and the switch may solve this. Instead of intense energy usage to validate the network, POS requires tokens to validate the network. The upgrade is known as the "The Merge", and the whole network switch is scheduled for September 19.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.