The event is set to take place around Wednesday or Thursday.
Prices for the two biggest cryptocurrencies by market cap rose after selling off 10% on Tuesday. The virtual currency gained roughly 0.64% to trade at $20,272.80.
Six years have passed since the update to the ethereum block chain was made, and experts say it could slash energy consumption by 99%. Vitalik Buterin said that the goal would be to cut energy by nearly 100 percent.
Gas fees will come down and the network will be able to process more transactions in a shorter amount of time as a result of the merge.
Ari Redbord, head of legal and government affairs at TRM, told Insider on Monday that the way to think about the merge is a shift in the way transactions are verified.
The most important occurrence in the history of the coin is the merging. Some of the most popular Web3 and digital asset projects use ether.
Bank of America analysts wrote in a note that the merger could lead to more institutional adoption. Larger firms may be able to get involved with ethereum now that they've been allowed to buy into proof-of-work blocks.
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