By Nathan Ferguson
Ethereum (ETH) developers successfully merged the old-timer Ropsten testnet with the beacon chain. That represents one of the final steps before the blockchain introduces the ultimate mainnet evolution, scheduled for August. On the other hand, whale activity signals price reversals for ETH investors.
Ethereum Developments
Renowned ETH teller Paritosh revealed about the Ropsten merge on Twitter. The recent testnet merge shows the mainnet transition is a few steps away. Meanwhile, creators will frequently check for possible viruses on Ropsten. As it’s the initial testnet to merge, developers expect bugs from the ETH team. Paritosh revealed similar events on Twitter but assured investors soon resolutions.
He claimed some customer pairs timeout as they build blocks & propose with zero transactions. That would impact the chain’s throughput. Paritosh confirmed similar tendencies accompanied shadow forks.
Tim Beiko, ETH’s Core Developer, discussed the landmark merge plus expectations with CNBC. Two testnets, Sepolia and Goerli, will experience similar merges before the ultimate transition. He said that the platform looks for fewer challenges each time, hoping developers will solve the minor problems before the upcoming testnet.
Furthermore, the recent tweet by Santiment presents more lucrative news for the ETH community. The leading ten ETH non-exchange whales control a higher owned Ethereum ratio than the top ten non-exchange whales.
The ration hovers at 3.4 times, impressive news for Ethereum investors as whales trust in price reversals. The updates boosted investor confidence in ETH as whale actions dictated price movements in leading cryptocurrency assets. Meanwhile, investors might find accumulation challenged given the latest plummets that had Ethereum changing hands beneath $1.8K at this publication.
While writing these lines, ETH traded at $1,789, dropping 0.68% within the previous day. For now, ETH consolidated beyond the support barrier of $1,750. Meanwhile, the immediate resistance to the upside stands at $1.8K. Overcoming this area would see ETH pushing towards the $1,850 hurdle before welcoming substantial upticks.
Failure to conquer the $1,820 obstacle would translate to a continued downtrend for ETH. The nearest downside support stands near $17,65. Further declines will place Ethereum at $1,720, under which the second-largest crypto would witness extended plunges.