Since the switchover to proof-of-stake (PoS) on the Ethereum network is just around the corner, traders are hedging their bets in the futures and spot markets for cryptocurrencies in anticipation of future ether price movements on the other side of the Merge.
The Ethereum Merge is regarded as the biggest update in the history of the cryptocurrency industry. The successful transition from proof-of-work to proof-of-stake will have a substantial impact on the price of ether (ETH) and bitcoin (BTC), among other things.
Due to the excitement surrounding the upgrade, Ether has already outpaced bitcoin in the recent weeks. The second-largest cryptocurrency is risen roughly 17% over the past 30 days to approximately $1,700 on spot markets, while bitcoin is essentially steady, up about 1.7% to about $21,700.
After Ether's Beacon Chain and Mainnet unite, nobody can predict what will happen next. Some market participants are still pessimistic and think that much of the price movement has already happened.
Should the Merge be postponed in some way, prices will probably fall, which would be consistent with previous instances of this in Ethereum's history dating back at least to 2016.