Ethereum bears initiate takeover as Merge shadow fork encounters issues
- Ethereum’s eleventh mainnet shadow fork revealed two underlying issues post Merge.
- Tim Beiko asked the Ethereum community to sync their Sepolia nodes over the weekend, if they haven’t already.
- Ethereum continues bleeding as bears initiate takeover, analysts identify bottom for ETH price at $300.
Ethereum core developers are engaged in preparation for the altcoin’s transition from proof-of-work to proof-of-stake. Developers informed the community of the issues that were identified in the eleventh mainnet shadow fork, an important test for the altcoin’s smooth Merge implementation.
Also read: What’s next for Ethereum if Coinbase bans staking?
Ethereum mainnet shadow fork hit by two issues
Tim Beiko, Ethereum core developer shared updates from all developers' calls, in his recent tweet. Beiko identified the two issues that emerged post Merge in the eleventh shadow fork. Shadow forks are similar to devnets, but they do not have a state of their own, they copy the state of a devnet or a mainnet. Through shadow forks developers can assess the issues that can arise during and post the Merge.
Post the Merge in the eleventh shadow fork, Beiko reported two issues. The first one was the production of a bad block, this has happened in Goerli testnet as well. The second is Nethermind’s block production when interacting with client pairs. The team is working on the two known issues ahead of the next test.
Beiko called developers to update their Sepolia node over the weekend. While the post-Merge upgrade was scheduled for block 1735371, supposed to hit on August 17, 2022, it is postponed to August 21.
Once the Ethereum Mainnet Merge goes live, the Kiln Merge testnet, launched earlier in 2022 will be shut down. Beiko dropped details of the testnets that currently offer a post-merge environment and will be shut down soon after a successful Merge on the mainnet.
Bears initiate Ethereum takeover
Justin Bennett, a crypto analyst and trader believes Ethereum’s bottom is closer to $300 than $1,000. Ethereum price declined from its peak of $2,024 over the past week to the $1,644 level. Bennett has a bearish outlook on Ethereum.
ETH-USD 1-week price chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
