Ether (ETH) rose some 5% in the past 24 hours to lead a recovery among major cryptocurrencies as Ethereum developers confirmed The Merge’s dates on Wednesday.
The Bellatrix upgrade will activate on the Beacon Chain on Sept. 6, as reported. The upgrade is responsible for setting the rest of the Merge process in motion, with developers hinting that they're aiming for it to happen on Sept. 15-16.
Bitcoin recovered over $21,500 on Thursday morning after stabilizing on Wednesday following a weekend sell-off. Broader equity markets rose, with China stimulus driving growth in the Asian session and U.S. premarket futures pointing to an upside ahead of this week's Jackson Hole, Wyoming, symposium.
Traders, however, said that while the Merge event was likely driving short-term price appreciation in ether, the long-term outlook for the asset remained muted considering a weak macroeconomic sentiment and bitcoin technicals pointing to a downside.
“With Ethereum set to become a proof-of-stake...
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