Ethereum Unfazed by Proof-of-Stake Test & ApeCoin’s Stay on the Network
Transition to Proof-of-Stake
The Ethereum network intends to transition from the current energy-intensive Proof-of-Work mining model, to the more sustainable and eco-friendly Proof-of-Stake method, a process titled The Merge. [1]
Working towards this goal, tests have been going on for a while now on the Beacon Chain. Ethereum's Mainnet runs on the old method and when testing is done, it will merge with that chain into the Proof-of-Stake model, although no specific date has yet been set.
Today, the oldest proof-of-work testnet, the Ropsten network [3] successfully merged, as per Bitfly's tweet that was retweeted by Ethereum's co-founder, Vitalik Buterin. [3]
ApeCoin Stays on Ethereum
Earlier in the month, Proposal AIP-41 to keep ApeCoin within the Ethereum ecosystem was put to a vote, for a period that ended today. 7.1 million tokens were cast, with 53.62% in favor of staying within the network instead of migrating. [4]
ETH/USD Analysis
The popular altcoin has managed to stabilize after May's plunge and the broader crypto rout, but with being able to post any meaningful recovery and was unaffected by the recent news described above.
As such, there is still increased risk for a break below 1,699, although a larger decline that would threaten 1,397 will need a strong catalyst.
On the other hand, ETH/USD has managed to defend the aforementioned levels and it may find the opportunity to push again towards the 2K market, but it does not inspire confidence for taking it out and challenging the EMA200 (2,162-72).
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
References
| Retrieved 09 Jun 2022 https://ethereum.org/en/roadmap/merge/ | |
| Retrieved 09 Jun 2022 https://twitter.com/etherchain_org/status/1534568254508875778 | |
| Retrieved 12 May 2026 https://snapshot.org/#/apecoin.eth/proposal/0x367eecaffc20976a4f913154eceb61279793b06ac0ad93ab948d2d3b207ff860 |
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