In September 2023, hopes for Ethereum's success after transitioning from proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism were dashed, with the coin falling 25% in the three months following the merge. However, following the Shapella hard fork on April 12, 2023, ETH's price threatened to break past $2,000 for the first time since May 2022. The impact of the change on the coin's price remains to be seen, given the post-merge slump.
In November 2022, ETH was hit by the market crash triggered by the collapse of the FTX exchange, causing the coin to plunge from a daily high of $1,574.80 on November 8, 2022, to a low of $1,083.29 the following day. However, it made a recovery to trade at a high of $1,346.17 on December 14, before falling to trade at around $1,207.49 on January 3. A buoyant market saw it reach $1,732.80 on February 15, 2023.
On November 24, 2022, proposals to put in a hard fork called Shanghai, and then renamed Shanghai/Capella, or Shapella for short were approved, potentially featuring the ability to withdraw staked crypto and helping to speed up the system. Shapella went live on April 12, 2023.
ETH had struggled after the switch to PoS, known as "The Merge," on September 15, 2022, with the price of ETH falling from $1,635 to a low of $1,209.28 on October 13, 2022, as the crypto struggled in tough market conditions. However, news that Google was launching a blockchain node hosting service, based on its cloud service and initially compatible with the Ethereum blockchain, helped the coin recover, and it broke past the $1,500 mark for the first time since the day of The Merge on October 25, 2022.
The Ethereum blockchain's founder, Vitalik Buterin, then announced a new roadmap for the crypto, including a phase called The Scourge, designed to solve issues with the amount of ETH that could be extracted whenever a block was added to the blockchain, which contributed to it reaching a high of $1,661.33 on November 4, 2022, before the market collapsed.
In conclusion, Ethereum's transition to PoS has had its ups and downs, with the coin struggling in tough market conditions. However, the Shapella hard fork and the launch of Google's blockchain node hosting service have helped the coin recover. The impact of these developments on the coin's price remains to be seen, but they are positive signs for the future of Ethereum. javguruji.blogspot.com
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