Sep 6, 2022 11:20 AM ET
By: AnalysisWatch
The Ethereum network will undergo a major Bellatrix upgrade, which is the only milestone ahead of the Merge upgrade.
As such, users should not ignore the warning issued by Vitalik Buterin and other Ethereum developers about the client upgrade.
The warning applies mainly to Ethereum validators rather than regular users. If you are staking Ethereum on the Beacon chain, you should immediately upgrade your client, as you will not be able to participate in staking on the outdated version.
The Bellatrix will be activated at epoch 144896 on the Beacon chain, which will appear on the chain at 11:34:47 UTC. The Fusion upgrade will still be running on approximately September 13, and the Beacon chain upgrade does not affect the scheduled date.
If node operators do not run the consensus and execution layer clients on the new versions, they will lose their place in the network and will not be eligible for the transition. Validators should also avoid running a majority client.
Ethereum continues to offer developers and white-hat hackers a significant bounty for finding some critical bugs that directly affect the stability and security of the network. Ethereum has not yet reacted to the update.
Although the network is very close to the Merge update, ETH itself does not seem to show any reaction in the market. The price of the second largest cryptocurrency is mainly following the market trends.
But at the same time, Ethereum was able to successfully bounce from the local support level and even break the local resistance level of the 50-day moving average. Most industry experts believe that the market is going to see a short-term rally before the merger and a slight correction afterwards.