Ethereum 
$2,827 Foundation announced on Thursday that it has launched the first short-lived Pectra testnet ‘Mekong’. This testnet contains all proposed EIPs for the upcoming Pectra upgrade on the Ethereum network. ETH price, which has increased by 8% in the last 24 hours, may target $ 4000.
Mekong Testnet
The Ethereum Foundation introduced the first short-lived Mekong testnet in an official statement on November 7.
The Mekong testnet includes all proposed EIPs for the next major Pectra upgrade, the foundation said. These updates include UX (user experience) changes via EIP-7702, staking changes via EIP-7251, and changes to deposit and exit mechanisms via EIP-6110 and EIP-7002.
The Mekong testnet is focused on allowing wallet developers to interact with UX changes and stakers to gain confidence in the upcoming changes. Although short-lived, the features it includes will be integrated into existing public testnets and eventually the mainnet.
Ethereum developer Tim Beiko said that ethPandaOps launched this short-lived Pectra testnet Mekong to introduce major changes to the mainnet, allowing the crypto community to experiment with EIP-7702, MaxEB consolidations, and more.
Ethereum Foundation developer Parithosh suggested that wallet teams try out the Mekong testnet during DevCon Week, which runs from November 9-17.
Effects on ETH Price
Donald Trump’s victory and optimism around the DevCon event triggered the ETH rally. The launch of the Mekong testnet aims to further increase the price of ETH. Analyst Benjamin Cowen wrote that he expects an Ethereum price rally following the confirmation of the bottom formation above the 50 DMA in the ETH/BTC pair.
Michael van de Poppe and Ali Martinez stated that Ethereum is in an early stage bull market. Whales are likely to buy the dip in anticipation of the Pectra upgrade occurring in early 2025.
Poppe said the markets are turning and ETH will see a big increase. Ali Martinez announced that MVRV Momentum exceeding the 180-day level supports the rise.
ETH price increased by 8% today, reaching the $ 2900 mark, the highest level in 3 months. The 24-hour lowest and highest prices were $2611 and $2878, respectively.
In summary, the launch of Ethereum’s Mekong testnet and preparations for the Pectra upgrade could have positive impacts on ETH’s future price performance. For wallet developers and stakers, this testnet offers the opportunity to experience significant changes and aims to support the success of innovations that will be implemented on the mainnet.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
