The Ethereum 2.0 update is generating a lot of interest, and we’re closer than ever to its launch.
Ethereum 2.0 goes to Testnet
The long-awaited Ethereum merge test is progressing, albeit not at the rate many had hoped. Testing on Ropsten, the largest seed network in Ethereum, which has the closest similarity to the mainnet, is the next major milestone in the merge testing process.
Ropsten’s test will be merged on June 8, According to the developers of Ethereum clients. Although there is no official indication of when the merge will take place on mainnet, it is expected to happen in the second part of this year.
On Monday, Ethereum DevOps developer Parathi Jayanathi Presenter A pull request for the Ropsten testnet Merge configuration code, indicating that it is ready to be executed.
The merger is a long-awaited Ethereum upgrade that will integrate the existing Ethereum Mainnet and Beacon Chain PoS platform.
Since it has a network architecture comparable to the Ethereum Mainnet network, this test network is the best replication. Developers can now run a real-world deployment test before making changes to the main network.
The Ropsten testnet Merge will combine a Proof of Work (PoW) network with a new Proof of Stake (PoS) consensus layer test network, with a May 30 launch date. It will simulate what will happen when Ethereum and Beacon Chain merge and the network becomes a PoS network.
One of the final evaluations will be one final evaluation of how the integration works on the Ethereum main public testnet. As a result, the public test network Ropsten is the most accurate version of the Ethereum Mainnet, as it uses a similar network architecture and allows developers to test their work in a live environment.
The developers of the online community expressed their enthusiasm for the testnet announcement. According to Preston van Loon, Principal Architect of Ethereum at Prysmatic Labs:
Ropsten testnet is being merged on June 8th!
The Ropsten merger is a huge test mark towards integrating the Ethereum mainnet later this year. 🎉 https://t.co/X7eLIMA72g
– prestonvanloon.eth @Permissionless (@preston_vanloon) May 18 2022
The price failed to hold the $2,000
ETH is falling inside a falling wedge on a daily time frame (in yellow). It is worth noting that the bottom of the wedge is lined with the horizontal support level of $1,700 (in green), which could indicate a trend reversal.
As a result, if the bulls can hold the green zone, the price is likely to rise towards the $2,450 level of steady resistance. The price is likely to start an extended decline phase if the bears continue to suppress the market and break below the green support area.
ETH is trading on dynamic support (in green) against Bitcoin, which has prevented further price drops four times in the past.
The world’s second largest cryptocurrency, down 4.1% in the past 24 hours to $1,974, has lost 48% of its value since 2022.
ETH/USD trades below $2k. Source: TradingView
Cryptocurrency investors who bought on November 16, 2017, when the price of Ethereum was at an all-time high of $4,892, would have lost just over 60% of their investment.
Ethereum’s market capitalization has fallen to $236 billion from over half a trillion dollars at its peak, although it maintains the second position.
Related reading | Bitcoin Index hits historic low not seen since 2015
Featured image from iStockPhoto, Charts from TradingView.com