Ethereum Foundation Announces Pectra Test-Net Mekong
The Ethereum Foundation has announced the launch of the first short-lived Pectra testnet, Mekong, in a significant development in the blockchain world. Developers stated that this test-net focuses on wallet development and staking processes. This is a critical step for the future of the Ethereum ecosystem. Additionally, analyst Benjamin Cowen predicts that the ETH/BTC pair is close to a major breakout. This is creating excitement among investors and developers and increasing expectations that the ETH price could reach significant peaks.
Features of Mekong Test-Net
Ethereum Foundation introduced the Mekong test-net with an official statement. This test-net was developed following the scoping of the Pectra fork and four DevNet events. Mekong provides an environment compatible with all proposed Ethereum Improvement Proposals (EIPs). Some important changes in test-net are:
- EIP-7702: User experience (UX) changes.
- EIP-7251: Changes in staking processes.
- EIP-6110 and EIP-7002: Innovations in deposit and withdrawal mechanisms.
Mekong test-net aims to enable wallet developers to interact with UX changes while stakers gain confidence in the upcoming changes. Although this test-net was short-lived, the innovations it contained are planned to be incorporated into existing public test-nets and eventually into the mainnet.
Comments from Ethereum Developers
Ethereum developer Tim Beiko stated that he introduced the Mekong testnet so that ethPandaOps can make major changes to the mainnet. This test-net allows the crypto community to try out EIP-7702, MaxEB consolidations and other innovations. Ethereum Foundation developer Parithosh also advised wallet teams to try the Mekong testnet during DevCon Week. This is a great opportunity for developers to test innovations and collect general feedback from the community.
ETH Price Analysis and Future Expectations
In recent days, gains in ETH price, combined with Donald Trump’s win and the positive sentiment around the DevCon event, have caused a significant rally in Ethereum. The Mekong test-net is also expected to support the ETH price. Analyst Benjamin Cowen predicts a rally in Ethereum price after confirming the formation of a bottom above the 50-day moving average in the ETH/BTC pair. This situation has attracted the attention of investors.
Popular Analysts’ Predictions
Popular analysts Michael van de Poppe and Ali Martinez state that Ethereum is in its early bull phase and the Pectra upgrade is expected to occur in early 2025. The potential for whales to buy lows points to future price increases for Ethereum. While Michael van de Poppe suggests that the markets have turned and ETH will see a big pump, Ali Martinez notes that MVRV Momentum passing for 180 days has historically marked a period of outperformance for the Ethereum price. This presents a significant buying opportunity for investors.
Result and Price Expectations
Ethereum was trading at $2.8113, up 7.6% today, reaching a 3-month high. In line with analysts’ predictions, the psychological level of $ 4,000 is targeted. This goal points to the potential future growth of the Ethereum ecosystem. The crypto community will continue to carefully monitor the Mekong test-net and possible price increases. The rise of Ethereum creates huge opportunities not only for investors but also for developers and the crypto industry.
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