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Ethereum Ropsten Now Ready to Transition to Proof of Stake

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Mon, 6/06/2022 - 13:20
Ethereum Ropsten Now Ready to Transition to Proof of Stake
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According to recent Github data, Ethereum's testnet Ropsten seems ready for the Merge experiment. As earlier shared by Ethereum core developer Tim Beiko, the Ethereum network's longest-lived PoW testnet is moving to proof of stake with the Merge expected around June 8 on the network.

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Ethereum's longest-running PoW testnet is transitioning to proof of stake, as Ethereum core developer Tim Beiko previously announced, with the Merge scheduled for June 8 on the network.

The launch of the Beacon Chain on the Ropsten test network marked a huge milestone for Ethereum as it continues to set the basis for its much-anticipated switch to proof of stake (PoS; testnet).

The Beacon Chain is a proof-of-stake network that runs alongside Ethereum's mainnet, which is proof of work. It acts as a test bed for Ethereum's impending shift in the consensus mechanism, which will see the two chains "merge" to form a single PoS network.

Ethereum price action

Since the start of 2022, Ethereum (ETH) has lost about 50% of its value, while also losing ground versus Bitcoin (BTC). Since mid-May, Ethereum has been trading below the $2,000 price zone as investor sentiment erodes.

According to the latest Coinshares weekly report, Ethereum saw withdrawals of $11.6 million last week, bringing year-to-date net outflows to $250 million.

Ethereum appears to be building a descending triangle on its lower time frames, according to cryptoanalyst Ali Martinez. As a result, ETH may need to break over $1,950 to reach $2,400, while failure to hold above $1,700 might send ETH back to $1,300.

Descending triangles, as a rule of technical analysis, resolve when the price breaks strongly below its support trendline and subsequently descends to the triangle's maximum height.

On-chain data, on the other hand, indicates a significant supply barrier between $1,906 and $1,963, with about 900,000 addresses acquiring over 8 million ETH. To get above $2,200, Ethereum may have to break through this barrier zone.

At the time of writing, Ethereum was trading at $1,909, up 7%.

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