The Ethereum Foundation has launched the short-lived 'Mekong' testnet as part of the upcoming Pectra upgrade.
- The testnet includes key EIPs focused on improving wallet functionality and staking.
- Analysts predict ETH could rally toward the $4000 mark, with strong market sentiment driving recent gains.
Key Details
- Testnet Purpose: The Mekong testnet, launched ahead of the DevCon event, is designed to allow wallet developers and stakers to test UX and staking changes coming in the Pectra upgrade.
- Key EIPs Included: Mekong incorporates proposals such as EIP-7702 for UX updates, EIP-7251 for staking enhancements, and modifications to deposit and exit mechanisms (EIP-6110 and EIP-7002).
- Developer Recommendations: Ethereum developer Tim Beiko highlighted the community-focused nature of Mekong, and Parithosh urged wallet teams to participate in testing during DevCon Week, November 9-17.
- Community Testing: The testnet also aims to introduce MaxEB consolidations, a change for mainnet readiness.
ETH Price Surge
Analysts predict ETH could reach the psychological $4000 mark due to the recent price rally. Analyst Benjamin Cowen notes a potential breakout for ETH/BTC following bottom formation above the 50-day moving average (DMA), while other prominent analysts foresee sustained gains:
- Bullish Market Sentiment: With anticipation surrounding the Pectra upgrade in early 2025, analysts like Michael van de Poppe and Ali Martinez expect substantial growth, with the MVRV Momentum indicator suggesting a favorable opportunity to "buy the dip."
- Recent Price Movement: ETH reached a 3-month high of $2,800 after an 8% daily increase, though trading volume dropped by 6% over the last 24 hours.
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