Ethereum Sentiment Forecast: ETH 2.0 final testnet launch on August 4, is a rally brewing?
|- Ethereum 2.0 launch draws nigh as the final testnet is set to go live on August 4.
- ETH 2.0 has been running successfully on multiple testnets since April.
The much-anticipated Ethereum 2.0 has kept investors on the edge for the longest time. However, the good news is that its final testnet is set to launch on August 4. The news was shared by Danny Ryan (@djrtwo) who affirmed the date following “discussions with client teams.” Ryan wrote:
After discussions with client teams, the next multi-client testnet (mainnet config including min validator numbers) will have a min genesis time of August 4th.
Note that the new protocol, ETH 2.0 has since April (when the genesis block was established for Beacon Chain) been executing on several testnets. This was regarded as Phase 0 of the long road to the Proof-of-Stake (PoS) consensus algorithm. With this, the Ethereum network is expected to raise the transaction capacity as well as the speed extensively.
While investors and the community feel the upgrade is long overdue, it has been at least three months of successful testing. The first testnet, Sapphire using the Beacon Chain wallet supported smaller transactions of up to 3.2 ETH. Later in April, full 32 ETH nodes were launched on the Topaz testnet. During this testnet staking rewards were started. June saw the launch of Onyx testnet supporting up to 20,000 validators. Last but not least, the Altona coordinated multi-client testnet designed for Phase 0 was released in early July.
Ethereum price update
Ethereum is trading at $244, following a short-lived rally on Tuesday that saw it reclaim the ground above $240. The resistance at $245 is proving unbreakable for the second time in July. Ethereum failed to rally alongside other altcoins earlier this month. Instead, Ether chose to remain as stable as Bitcoin.
As the final testnet launches on August 4, Ethereum is expected to kick start a rally because investors and the community can now see the light at the end of the tunnel in regard to the mainnet launch. The extent of the rally that will be sentimentally and fundamentally supported remains unknown. However, what is clear is that more buyers are bound to join the market as the launch draws nigh, which will be positive for Ethereum in the long run.
Related reading: Bitcoin Price Prediction: BTC/USD volatility kick starts rally to $10,400 – Confluence Detector
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