Ethereum Foundation announced the launch of the first short-lived Pectra test-net ‘Mekong’. Developers said test-net focuses on wallet development and staking. Meanwhile, analyst Benjamin Cowen predicts that ETH/BTC is close to a major breakout. Moreover, popular analysts predict that the ETH price will rise to peak levels.
Ethereum Foundation introduces Mekong Tesnet for Pectra
In an official announcement, the Ethereum Foundation introduced the first short-lived Mekong testnet following the scoping of the Pectra fork and four DevNet events. The Mekong test-net consists of all EIPs proposed for the next major Pectra upgrade, the foundation said. Test-net includes changes such as UX changes via EIP-7702, staking changes via EIP-7251, changes to deposit and exit mechanisms via EIP-6110 and EIP-7002.
Mekong test-net focuses on getting wallet developers to interact with UX changes. It also aims to help stakers gain confidence in the upcoming changes. This is a short-lived test-net. However, the features it contains will be included in existing public test-nets and eventually the main-net. Additionally, Ethereum developer Tim Beiko revealed that ethPandaOps introduced this short-lived Pectra testnet, Mekong, to make major changes to the mainnet. Additionally, this helps the crypto community experiment with EIP-7702, MaxEB consolidations, and more. Ethereum Foundation developer Parithosh recommended wallet teams to try the Mekong testnet during DevCon Week.
Analyst: ETH price will reach $4000!
Donald Trump’s win and bullish sentiment surrounding the DevCon event triggered a rally in Ethereum. Moreover, the Mekong test-net provided support to increase the ETH price further. Notably, analyst Benjamin Cowen predicts an Ethereum price rally following confirmation of a bottom formation above the 50 DMA in ETH/BTC.
Popular analysts Michael van de Poppe and Ali Martinez say Ethereum is in its early bull phase. With the Pectra upgrade expected to occur in early 2025, whales are likely to buy the dip. Michael van de Poppe suggests that the markets are turning and ETH will see a big pump. In particular, a higher-low pattern will bring the much-awaited upward momentum.
Source: Michael van de PoppeAdditionally, Ali Martinez says that MVRV Momentum crossing 180 days has historically signaled a period of outperformance for the Ethereum price. The transition has not happened yet. This provides an opportunity to buy the dip. Then there is the psychological level at $4,000 as the target. Meanwhile, cryptokoin.comAs you follow from , ETH reached its highest level in 3 months today. The leading altcoin was trading at $2.8113 at the time of writing, up 7.6%.
