Although far from its all-time high of $4,800, the ETH appears to be showing signs of a reversal after entering a long downward cycle in April. Earlier, it was announced that Ethereum would be merging in September. Then on Sunday, ETH prices topped $1,400 for the first time since June 13.
Cryptocurrencies, represented by BTC/ETH, have fallen 62% since the start of the year -- even worse than bitcoin's last halving (-52%) amid the specter of a global recession.
ETH also led NFT to plummet in value, as the Ethereum blockchain is the basis for a variety of "heterogeneous tokens". At the time of writing, however, ETH is at least 26% higher than it was five days ago.
After a recent Ethereum developer conference call tentatively scheduled for September 19 (variables still remain) to merge the blockchain, many believe this will help the Ethereum blockchain move closer to carbon neutral.
Previously subject to the entanglement of multiple interests, The transformation of Ethereum blockchain has been repeatedly delayed. It is expected to reduce its carbon footprint by 99.65% after transitioning from the current proof of work (PoW) to proof of stake (PoS).