As a seasoned crypto investor with over a decade of experience, I’ve learned to never get too excited or discouraged by short-term price fluctuations, but the recent events surrounding Ethereum have me optimistic about its potential future growth. The launch of the Mekong testnet by the Ethereum Foundation is undoubtedly a significant step towards the Pectra upgrade, and the bullish sentiments surrounding Donald Trump’s win and DevCon event suggest that we could be on the cusp of another rally.
On Thursday, the Ethereum Foundation unveiled its initial temporary testnet named ‘Mekong,’ which incorporates all Ethereum Improvement Proposals (EIPs) slated for the upcoming Pectra upgrade. Some analysts speculate that this development could potentially lead to an ETH price surge towards $4000, as prices have already increased by 8% in the last 24 hours.
Ethereum Foundation Introduces Mekong Tesnet for Pectra
As a researcher, I am excited to share that following extensive preparations, including the scoping of the Pectra fork and four DevNet events, we unveiled our very first testnet for the Mekong network in an official announcement on November 7 by the Ethereum Foundation. This is a significant step forward in our ongoing journey towards innovation and improvement.
The Mekong testnet, as per the foundation, encompasses all the Ethereum Improvement Proposals (EIPs) slated for the next significant update in Pectra. This network incorporates various enhancements like user experience improvements through EIP-7702, modifications to staking via EIP-7251, and adjustments to deposit and exit mechanisms using EIP-6110 and EIP-7002.
As a crypto investor, I’m excited about the Mekong testnet that caters specifically to wallet developers, inviting them to collaborate on user experience improvements. This is particularly beneficial for stakers, as it provides an opportunity to familiarize themselves with the upcoming changes and build confidence. Although this testnet has a limited lifespan, the innovative features it introduces will be incorporated into existing public testnets and eventually the mainnet.
Moreover, Ethereum developer Tim Beiko unveils that ethPandaOps has launched a temporary Pectra test network called Mekong to incorporate significant updates in the mainnet. This move allows members of the cryptocurrency community to experiment with EIP-7702, MaxEB consolidations, and additional features.
Furthermore, Parithosh, a developer for the Ethereum Foundation, suggested that wallet development teams consider using the Mekong testnet during DevCon Week (November 9-17) as an experimental trial.
If you want something to hack on at DevCon, try out the Mekong testnet!
All the pectra EIPs are live: so you can brainstorm your EIP-7702 wallet user flows, deposit a validator to use MaxEB and exit a staking pool validator with a smart contract!
— parithosh | (@parithosh_j) November 7, 2024
ETH Price to Hit $4000
The optimistic outlook about Donald Trump’s victory and DevCon event has sparked a surge in prices. Additionally, the introduction of Mekong testnet is expected to boost Ethereum value even more. It’s worth mentioning that analyst Benjamin Cowen forecasted an Ethereum price increase after a confirmation of bottom formation in the ETH/BTC pair above the 50 Daily Moving Average (DMA).
According to analysts Michael van de Poppe and Ali Martinez, Ethereum is currently in its early phase of a bull run. In anticipation of the Pectra upgrade slated for early 2025, large investors (whales) might seize the opportunity to purchase at a lower price. Michael van de Poppe further proposes that market rotation could lead to a significant increase in ETH’s value. It is worth mentioning that the formation of higher lows will contribute to the desired upward momentum.
Furthermore, Ali Martinez pointed out that when MVRV Momentum surpasses its 180-day threshold, it typically indicates a time of increased ETH price performance. As of now, this crossover has not occurred, offering a chance to acquire at lower prices in anticipation of potential gains towards the $4000 psychological mark.
Today, the cost of Ethereum (ETH) surged approximately 8%, reaching a three-month peak at $2,800. During the past 24 hours, the lowest and highest prices were recorded at $2,611 and $2,878 respectively. Interestingly, despite this upward trend, there’s been a 6% decrease in trading volume compared to the previous day.
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2024-11-07 19:54