In the last 24 hours, the price of Ethereum has increased by almost 13% against the backdrop of the upcoming blockchain transition to the Proof-of-Stake (PoS) consensus algorithm.

Currently, the asset tested the range above $1400. At the time of writing, the cryptocurrency is trading around $1360.

According to Coinglass, liquidation volume in the Ethereum market in the last 24 hours exceeded $280 million, of which approximately $195 million was in open interest.

Earlier, during the next call, leading developers tentatively confirmed the merger of the Ethereum mainnet with the Beacon Chain signaling network on September 19, 2022. The final date will largely depend on the Goerli testnet transition to PoS, scheduled for August 11.

In anticipation of the event expected by many community members, Lido Staking Protocol Governance Token (LDO) prices have also risen significantly. Over the course of the day, assets are up more than 70% in price and are trading around $1.8 at the time of writing.

Lido is the most popular ETH staking platform. According to Dune Analytics, Ethereum 2.0 accounts for more than 31% of all coins locked into the deposit contract.

After the transition of the blockchain to the PoS algorithm, miners will no longer be able to mine cryptocurrencies. Some participants will direct their strength to other networks – one of the contenders is Ethereum Classic. According to CoinGecko, the price of the native token rose 34% in one day.

Recall that in June, Ethereum developers postponed the activation of the “difficulty bomb” to the beginning of October 2022.

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