The Ethereum Hard Fork May Fail for This Reason.

The success of the switch to the proof of stake model 

will be determined by how quickly Ethereum arrives.

Meanwhile, it is also unknown how a future hard fork for an Ethereum proof of work would perform. On the other hand, the Ethereum Merge proposal has already received backing from a number of cryptocurrency exchanges. The price of ETH has recently increased in tandem with the market's favourable climate.

Causes Of The Ethereum Hard Fork And The Merge

It is clear that the recent uptick in positive ETH trading activity reflects optimism for the imminent Merge event. The Ethereum Merge was also heavily debated on social media, which added to the frenzy surrounding the highly anticipated change. Additionally, a number of cryptocurrency businesses declared their support for the Merge shift. Some businesses have already made it clear that they won't support any hard forks of Ethereum's proof of work algorithm.

The exchanges Binance, Coinbase, Circle, and Tether are just a few of the businesses that have made plans to support the Merge. The stablecoin USDC's developer, Circle, has stated that it will not support ETH hard forks. Circle plans to support the Ethereum proof-of-stake (PoS) chain entirely and completely after the merger.

The Period Before the Ethereum Merge

The excitement surrounding the Merge recently propelled the cryptocurrency above and beyond Bitcoin in some areas. According to data, Ethereum surpassed Bitcoin (BTC) in terms of open interest for options. The open interest in ETH options surged to an all-time high of $8.20 billion. In the past 45 days, the price of ETH has also increased significantly. The cryptocurrency just topped $2,000, up from a mid-July trading range of just over $1,000. According to price tracker CoinGabbar, at the time of writing, the price of ETH is $1,650, up 7% over the previous day.

As the market anticipates a successful Merge, traders predict further positive momentum for ETH. Crypto trader Alex Kruger claims that ETH's break-even point is $1,650, after which it may rise to higher levels.