Ethereum price tests the $1,400 level

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

The asset tested the range above $1,400. At the time of writing, the cryptocurrency was trading near $1,360.

According to Coinglass, over the last 24 hours the volume of liquidations in the Ethereum market exceeded $280 million. About $195 million of this total was tied to short positions.

Earlier, leading developers during another call preliminarily approved the merger of the Ethereum mainnet with the Beacon Chain signal network for September 19, 2022. The final date will largely depend on the Goerli PoS testnet rollout, scheduled for August 11.

In the run-up to the event anticipated by many in the community, trading of the governance token of the staking protocol Lido (LDO) also surged. In 24 hours, the asset rose by more than 70% and, at the time of writing, trades near $1.8.

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

After the blockchain transitions to PoS, miners will no longer be able to mine the cryptocurrency. Some participants will redirect their hashing power to other networks — one of the contenders is Ethereum Classic. The price of the latter’s native token rose by 34% in the last 24 hours, according to CoinGecko.

In June, Ethereum developers postponed the activation of the ‘difficulty bomb’ to early October 2022.

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