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ETH/USD: Ethereum 2.0 testnet goes live, little market reaction so far

  • Ethereum team has reached another milsetone on the way to the major protocol upgrade.
  • The testnet is currently a simulation where the participants can check functionality.
  • ETH/USD stays range-bound as the recovery is capped by $200.00.

ETH developer team launches  Ethereum 2.0 testnet.

Ethereum developers launched  Ethereum 2.0 multi-client testnet. According to Eric Conner, Prysm and Lighthouse joint the net so far. Notably, the testnet launch is considered one of the milestones before the launch of the fully functional release of the major update for the second-largest digital asset.

However, testnet, called Schlesi, is one of the numerous steps to be taken in that direction, according to the description posted on GitHub. 

Before such a mainnet can be launched, we need testnets that mimic mainnet conditions as good as possible. This requires us to have stable, long-term, and persistent testnets up and running that are supported by not only one client but multiple clients, ideally, all clients.

Schlesi participants won't get the real remuneration as it is a simulation as opposed to a fully functional testnet that can be used by end-users. 

The current goal is to ensure protocol compatibility across major ETH 2.0 client implementations. Participation is free and permissionless, everyone can create validator deposits on the Goerli Ethereum testnet and start validating on Schlesi.

ETH shows little reaction

The transition to Ethereum 2.0 is considered as one of the main events for the second largest coin in 2020. The event is considered to be bullish, however, the experts warn, that the journey to the new version may be hard.  ETH/USD has shown little reaction to the testnet launch so far. The coin has been sidelined above $195.00 since the beginning of the day, moving in sync with the market.

While the short-term trend remains bullish, we will need to see a sustainable breakthrough above $200.00 for the upside to gain traction. Otherwise, the bears may re-take the control over the situation and push the price towards daily SMA100 at $186.00 and the upside trendline at $181.00.

ETH/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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