Ethereum price rebounds strongly in response to Kintsugi Testnet launch on path to ETH2.0
- Ethereum price exploded as the altcoin took another step towards ETH 2.0 with the Kintsugi Testnet launch.
- The testnet is now live and users can test the merge of the Proof-of-work with the Proof-of-stake system.
- The launch addresses Ethereum’s scalability issues and opens the environment to a wider audience of users.
Ethereum price was struggling to recover from the crypto market crash in the first week of December. The new development in the altcoin has triggered a strong recovery in Ethereum price.
Ethereum makes comeback above $4,000 with Kintsugi launch
Ethereum has opened its new testnet, Kintsugi, to the public. The testnet mimics the post merge activity of the Ethereum blockchain without affecting it. The Kintsugi testnet is one of the last steps in the altcoin’s road to “the merge,” or the transition from Proof-of-work (Pow) to Proof-of-stake (PoS).
Tim Beiko, an Ethereum developer made the announcement on Twitter.
Users can test all the features of the new upgrade in a controlled setting. This is the first upgrade on Ethereum’s path to ETH2.0 that was made public.
Over the past few months, client teams have been working tirelessly to implement a new set of merge milestones. They are now live on a new testnet: Kintsugi !
— Tim Beiko | timbeiko.eth (@TimBeiko) December 20, 2021
Here's how you can join the testnet and help with testing: https://t.co/ARDezguzXE
Christmas came early!
The Ethereum community can now familiarize themselves with the post-merge interface using the Kintsugi testnet. Ethereum developers offered users an explainer for the new interface.
You want to start with #TestingTheMerge but don't know how? @YashKamalChatu1 wrote a really nice explainer on how to get some testnet ether on Kintsugi and to send transactions.
— MariusVanDerWijden (@vdWijden) December 20, 2021
Why not check it out and deploy your favorite DApp on the testnet!https://t.co/U3mvVk2kNB
Ethereum price is back above $4,000 in response to the development upgrade. Analysts are bullish on the altcoin’s recovery.
Mark Cullen, a cryptocurrency analyst has a bullish outlook on Ethereum price. The analyst predicted Ethereum break out in his recent analysis.
-- $ETH UPDATE --
— AlphaBTC (@mark_cullen) December 21, 2021
#Ethereum looking like it wants to take out the down trend & break back above the major trend line
Will wait for a 4hr close above for confirmation & a retest of the red box before adding leverage
Maybe that #santarally is coming, stay #SAFU#Crypto https://t.co/fkVvDtzIYw pic.twitter.com/qjgh3yilj1
FXStreet analysts have evaluated Etheruem price trend and predicted that if the altcoin reclaims $4,200 as support it is likely to resume the bull run. Ethereum price has posted 4.6% gains over the past week.
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.
