Ethereum (ETH) Weekly Return Hits 25 Percent

Ethereum (ETH), the virtual currency with the largest market capitalization after Bitcoin, has increased its price by more than 25 percent in the last week, reaching the level of $ 1,400.

The recent surge in Ethereum's value, which sits in the second place in the cryptocurrency market, means that the transition to Proof of Stake (PoS) is on track and the date of this important update is almost finalized. Accordingly, Santiment data shows that 131 new large investors have accumulated significant amounts of ETH since May. Crypto Ethereum, which has entered a significant recovery process this month, rose from an average low of $ 1,045 in the first week of the month to $ 1,450 with a 36 percent increase in value for 3 weeks. Part of this increase was recorded in the last week. Blockchain analysis company Santiment published on Twitter that in the last 2 months, there has been an increase of 131 crypto wallets holding Ethereum between one thousand dollars and 100 thousand dollars. Tim Beko, one of the key developers of the ETH network, said at a conference that the merger of the Ethereum main network with the side chain is planned to take place on September 19. The clarification of the date of the merge update accelerated the value increase in Ethereum price. The Merge update means the merger of the Ethereum mainnet with the Beacon chain, the sidechain where the proof-of-stake consensus mechanism is implemented. With this update, Ethereum will be transformed from an energy-intensive to an environmentally friendly network. It is also expected to increase the overall scalability and efficiency of the network after the planned update. Despite the positive mood in the market with Ethereum, some analysts underline that caution should be exercised on the rise. The reason for this is stated as the low volume of the last upward momentum. In addition, the upcoming change in ETH's production model seems to be causing Ethereum miners to shift to other networks. So much so that the Ethereum Classic price, the Ethereum fork, recorded a serious increase of close to 50 percent in weekend trading. Source: investing.com The investment information, comments and recommendations contained herein do not constitute investment advice. Investment advisory services are provided on a personalized basis, taking into account the risk and return preferences of individuals. The content, comments and recommendations contained herein, which are in no way directive in nature, are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations.