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It has hit the news recently that the Ether blockchain is up for a change in its consensus protocol which means that it is going to change the way mining is done and the many affairs of the platform are dealt with on a day-to-day basis.
The blockchain is performing a revision in its consensus protocol, changing it from proof of work to proof of stake in events of the latest merge update that was implemented on the 15th of September.
It is really a big update and both the investors and the enthusiasts of the Ether blockchain have high hopes for the blockchain after the update has gone live.
It is also worth mentioning here that the Ether blockchain has received requests for the initiation of almost 70K new addresses added to the system which means that these many new users have joined the network.
It is possible that all of these are investors who are joining the network in the hopes of a bullish rally accompanying Ether blockchain in the next few months and they want to be on this bullish bandwagon when this happens.
Ethereum Merge Update and Bullish Rally
This is the only plausible explanation for the new addresses that have been added in the recent few weeks.
There are some traders out there who are shorting the Ether token for a few months now in the anticipation of the new Merge update it means that their belief in the Ether entering a bullish rally is really not that strong and they are shorting the cryptocurrency for their own good.
Antoni Trenchov, the co-founder of the crypto lending platform Nexo, is of the skepticism that there isn’t going to be any rally after the successful implementation of the Ether update with Merge.
According to him, it will initially depend on the success of the update and how nodes are reacting to it plus how vigilant the investors are about pouring their money especially when an update means unprecedented waters for the blockchain in question.
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