Ethereum prepares for Ropsten testnet merger as token struggles to get $2,000 support

The Ethereum 2.0 update has generated a lot of attention and interest, and we are closer than ever to its release.

Ethereum 2.0 enters the testnet

Testing of Ethereum’s long-awaited Merge is progressing, albeit not at the pace many hoped. Testing on Ethereum’s largest major testnet, Ropsten, which is most similar to mainnet, is the next key milestone in Merge’s testing process.

The Ropsten test will be Merged on June 8, According to Ethereum client developers. Although there is no official indication of when the merger will take place on mainnet, it is expected to happen in the second half of the year.

Ethereum DevOps developer Parathi Jayanathi on Monday submit The Ropsten testnet incorporates a pull request for the configuration code, indicating that it is ready for implementation.

Merge is a long-awaited upgrade to Ethereum in which the current Ethereum mainnet and beacon chain PoS systems will be merged.

Because it has a network structure comparable to the Ethereum mainnet, this testnet is considered the best replication. Developers can now perform actual deployment tests before making changes to the mainnet.

Merge, the Ropsten testnet that combines a proof-of-work (PoW) network with a new proof-of-stake (PoS) consensus layer testnet, has a launch date of May 30. It will simulate what happens when Ethereum and the Beacon Chain merge and the network becomes a PoS network.

Related reading | New Data Shows China Still Controls 21% of Global Bitcoin Mining Power

How the test merge will work on Ethereum’s main public testnet will be one of the final evaluations. As such, the Ropsten public testnet is considered the most accurate clone of the Ethereum mainnet, as it uses a similar network structure and allows developers to test their work in a live environment.

Online, community developers expressed their enthusiasm for the testnet announcement. According to Preston Van Loon, Ethereum Core Engineer at Prysmatic Labs:

Price fails to hold $2000

ETH fell into a falling wedge (yellow) on the daily time frame. Notably, the bottom of the wedge is at the horizontal support (green) at $1,700, which could signal a trend reversal.

Therefore, if the bulls can hold the green zone, the price will more likely rise to the static resistance at $2,450. If the bears continue to overwhelm the market and break below the green support zone, the price is more likely to start a long-term retracement phase.

ETH’s dynamic support (green) against Bitcoin has prevented additional price declines over the past four times.

The world’s second-largest cryptocurrency has lost 4.1 percent in the past 24 hours to $1,974, having lost 48 percent of its value since 2022.

ETH/USD trades below $2k. Source: TradingView

And cryptocurrency investors who bought on November 16, 2017, when the price of Ethereum reached an all-time high of $4,892, would have lost more than 60% of their investment.

While Ethereum maintained its second position, its market cap has fallen from over $5 trillion to $236 billion.

Related reading | Bitcoin metrics hit record lows not seen since 2015

Featured image from iStockPhoto, Charts from TradingView.com



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