Ethereum (ETH) price was in a consolidation phase for around two months, trapped between $1,748 and $1,591 as its correlation to Bitcoin (BTC) price drew towards the negative.
Ethereum net exchange deposits have hit a five-month peak, recording up to 127,183 ETH flowing into exchanges. A positive reading on the Netflows reading is bullish for the altcoin, suggesting traders are buying more than they are selling. The last time ETH recorded a higher number was in May at 323,260. Steered by the broader market rally, the second-largest crypto by market capitalization could finally make its way to $2,000.
Why did Ethereum shift from Proof-of-Work to Proof-of-Stake? Ethereum transitioned from a Proof-of-Work to a Proof-of-Stake mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.
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