Ether rose 2% to $2,030.50, topping $2,000 for the first time since May 31, as investors fretted about its upcoming software upgrade from proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism in September (called Merge) with a positive sentiment.
Ethereum co-founder Vitalik Buterin hinted that the much-anticipated merger could happen around September 15.
Once the merger rolls out, the PoS algorithm will confirm blocks are more economical and environmentally friendly, as validators will be betting on ether rather than solving cryptographic puzzles.
Ether has gained more than 18% over the past seven days, thanks to the U.S. jobs report on August 5 and Wednesday's drop in inflation.
Ether was trading at $2,006.55 at the time of writing, according to Coinmarketcap.
However, ETH/USD appeared to be in a consolidation mode after breaching the $2,000 mark for the first time since May earlier in the weekend.
The price level is expected to be an important zone of resistance. If the...
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