The Ethereum 2.0 update is generating a lot of buzz and interest, and we’re getting closer to its launch than ever before.
Ethereum 2.0 is now available for testing
Testing for Ethereum’s long-awaited Merge is progressing, though not at the rate that many had hoped. Testing on Ropsten, Ethereum’s largest and primary testnet, which has the closest similarity to the mainnet, is the next key milestone in the Merge testing process.
Ropsten testing is being done merged on June 8,According to Ethereum client developers. The Merge is not yet confirmed, but it will likely take place in the second half of 2018.
Parathi Jayanathi (Ethernet DevOps) submitted a pull-request for the Ropsten Merge configuration codes on Monday. It indicated that it was ready to be implemented.
The Merge is Ethereum’s long-awaited upgrade, in which the current Ethereum Mainnet and the beacon chain PoS system will merge.
It is the most reliable replication network because it uses a similar network structure to Ethereum Mainnet. Before making any changes to the mainnet, developers can now conduct realistic deployment testing.
Ropsten’s testnet Merge will merge the Proof-of Work (PoW), and a new Proof-of Stake (PoS), with a launch date of May 30, The testnet Merge will show what happens when Ethereum merges with the Beacon Chain and becomes a PoS-network.
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Testing how the merge would work on Ethereum’s main public testnet would be one of the final assessments. The Ropsten public testing network is considered the best clone for the Ethereum Mainnet. It uses the same network structure as Ethereum Mainnet and lets developers test their code in real-world conditions.
On the internet, community developers expressed enthusiasm about the testnet announcement. Preston Van Loon is an Ethereum core engineer from Prysmatic Labs.
The Ropsten testnet will be merged starting June 8th!
The Merging Ropsten milestone is an important step towards Ethereum’s mainnet merging later in the year. 🎉 https://t.co/X7eLIMA72g
— prestonvanloon.eth @ Permissionless (@preston_vanloon) May 18, 2022
Prices Fail To Hold $2K
ETH’s daily drop is shown in yellow. It’s worth noting that the wedge bottom is lined with the $1700 horizontal support level (in green), which could signal a trend reversal.
If the bulls are able to hold the green support zone, then the price is more likely rise towards $2450 as static resistance. If the bears keep the market under control and break below the green support area, the price will likely enter a prolonged regression phase.
ETH trading is on dynamic support (in red) against Bitcoin. It has been able to block additional price declines 4 times before.
The world’s second-largest cryptocurrency, down 4.1 percent in the last 24 hours to US$1,974, has lost 48% of its value since 2022.
Below $2k for ETH/USD transactions Source: TradingView
Crypto investors who purchased Ethereum on November 16, 2017 at an all time high of US$4,892, have just lost over 60%.
Ethereum’s market cap has decreased to US$236 billion from well over half a trillion dollars at its height, despite maintaining its number two position.
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Featured image taken from iStockPhoto. Charts taken from TradingView.com